Las Vegas Sands Corp.(LVS) Wednesday reported a higher fourth-quarter profit with solid growth at Plaza Macao Operations, and at Marina Bay Sands, the most recent addition to the company's portfolio. Earnings were in line with Street estimates while revenues exceeded expectations.
Las Vegas Sands' net income attributable to common stockholders in the fourth quarter increased 17.2 percent to $320.1 million from $273.0 million in the year-ago quarter. Earnings per share rose to $0.39 from $0.34 last year.
Adjusted net income increased to $460.9 million or $0.57 per share from $340.1 million or $0.42 per share in the year-ago quarter. On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share. Analysts' estimate typically excludes certain special items. ,
Net revenue for the fourth quarter increased 26.3 percent to $2.544 billion from $2.015 billion in the year-ago quarter. Eighteen Street analysts expected revenues of $2.470 billion for the quarter.
Operating income for the quarter increased 35.7 percent to $663.3 million from $488.7 million last year.
Total net revenues for Sands China Ltd. increased 22.0 percent from last year to $1.33 billion. Net income for Sands China increased 43.8 percent to $306.7 million. Sands China's assets include The Venetian Macao, The Sands Macao and The Plaza Macao, which features The Four Seasons Hotel Macao and The Plaza Casino.
Marina Bay Sands Singapore net revenues surged 44 percent to $806.9 million from a year ago. Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 50.2 percent compared to the same quarter last year.
Las Vegas revenues increased 9.3 percent to $339.5 million from a year ago.
In Las Vegas, at The Venetian and Palazzo, Table games drop was up 14.9 percent during the quarter reflecting strong baccarat play. For Sands Bethlehem in Pennsylvania, Table games drop increased 90.6 percent from last year.
Gross revenue from tenants in the company's retail malls at The Venetian Macao, The Four Seasons Macao and Marina Bay Sands in Singapore was $105.9 million for the quarter, an increase of 46.5 percent from last year.
The company is gearing up to the opening of Sands Cotai Central, the largest Integrated Resort development in its history, about eight weeks away. The 13.7 million square foot integrated resort will feature at completion more than 6,400 hotel rooms.
For the full year, net income attributable to common stockholders increased 211.6 percent to $1.27 billion while revenues increased 37.3 percent to $9.41 billion.
The company declared an annual dividend of $1.00 per common share to be paid quarterly, with the initial payment to be made on March 30, 2012 to shareholders of record on March 20, 2012.
The Board of Directors of Sands China Ltd., the company's majority-owned subsidiary which owns and operates the properties and other assets in Macao, declared on January 31, 2011 a dividend of HK$0.58 per share which is expected to be paid to Sands China Ltd. shareholders on or about February 28, 2012 to shareholders of record on February 20, 2012.
LVS closed Wednesday's regular trading at $50.18, up $1.07 or 2.18%, on the NYSE. In after-hours, the stock lost $0.73 or 1.45%.
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