Las Vegas Sands Corp.(LVS: Quote) Wednesday reported a sharply higher first-quarter profit, with strong growth at the Plaza Macao, Venetian Macao, and Marina Bay Sands operations. Both earnings and revenue for the quarter breezed past Street estimates.
The casino and resorts operator recently opened the first phase of its largest ever integrated resort, Sands Cotai Central, which will have 6,400 hotel rooms upon completion. Las Vegas hopes to tap the potential from this property as more entertainment seekers throng Macau.
Las Vegas Sands' total net revenue for the quarter grew 30.8 percent from last year. At Sands China Ltd., net revenue rose 25 percent from last year, while net income was up 5.8 percent.
Sands China's assets include The Venetian Macao, The Sands Macao and The Plaza Macao, which features the Four Seasons Hotel Macao and Plaza Casino.
Four Seasons Hotel Macao and Plaza Casino net revenue surged 74 percent from last year, and occupancy rose 17.7 percent to 82.3 percent.
At Marina Bay Sands operations in Singapore, net revenue surged 45 percent from last year, and occupancy gained 12.1 points to 98.4 percent.
At Las Vegas operations, net revenue improved 26 percent from last year, while occupancy fell 0.5 points to 83.4 percent.
At Sands Bethelem operations in Pennsylvania, net revenue rose 24.8 percent from last year.
Nevada-based Las Vegas Sands reported first-quarter net income to common shares of $499 million or $0.61 per share, compared to $228 million or $0.28 per share last year.
Excluding items, adjusted earnings for the quarter were $569.8 million or $0.70 per share, compared to $299.4 million or $0.37 per share last year.
On average, 21 analysts polled by Thomson Reuters expected earnings of $0.60 per share for the quarter. Analysts' estimate typically excludes special items.
Total net revenue for the quarter was $2.76 billion, compared to $2.11 billion last year. Eighteen Street analysts expected revenue of $2.62 billion for the quarter.
LVS closed Wednesday on the NYSE at $58.70, up $2.30 or 4.08%, on a volume of 10.3 million shares. In after hours, the stock gained $0.60 or 1.02%.
by RTT Staff Writer
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