LAS VEGAS – Las Vegas Sands, the world’s largest casino company, has beaten first-quarter earnings predictions after growth in its biggest market, Macau, countered tougher conditions elsewhere.
Sands’ revenue in Macau in the first three months of the year grew 8.1 percent year-on-year to US$2.33 billion, the company in the US on Wednesday. The world’s largest gambling market, Macau casinos accounted for more than 60 percent of Sands’ revenue and nearly as much of its profit last year.
Sands is continuing to expand in Macau. Construction and development work on the Four Seasons Tower Suites and Londoner (currently still known as Cotai Sands Central) is progressing, said the company. Adjusted earnings in Macau grew 8.7 percent to US$858 million. The growth in Macau helped Sands deliver adjusted earnings of 91 US cents a share in the first quarter, beating analysts’ projections of 87 cents. Revenue, at US$3.65 billion, exceeded Wall Street forecasts of US$3.51 billion. Results in Singapore, Sands’ number-two market, declined because of a lower win percentage and legal settlement. The company has reached an agreement with the state tourism board to expand the property with a new tower, entertainment facilities and luxury retail. Results were also lower in Las Vegas, the company’s home market.
Sands shares rose as much as 4.6 percent to US$71 in extended trading in New York on Wednesday. They were up 30 percent this year as of the regular close on Wednesday.
