Tags: Las-Vegas | Sands | Sales | Macau

Las Vegas Sands Logs Strong Sales on Macau Gains

Wednesday, 30 Jan 2013 05:28 PM

 

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Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, reported fourth-quarter revenue that exceeded analysts’ estimates as profit was little changed.

Revenue rose 21 percent to $3.08 billion, the Las Vegas-based company said Wednesday in a statement, beating the $3.03 billion average of 22 analysts’ estimates compiled by Bloomberg. Profit excluding some items totaled 54 cents, missing the 60- cent average of estimates.

A pickup in gambling in Macau, the company’s largest market, countered sluggish results for the industry in Nevada, where Las Vegas Sands operates the Venetian and Palazzo. Macau revenue rose 48 percent. Revenue in Singapore fell 11 percent after dropping 21 percent the prior three months.

Fourth-quarter net income totaled $434.8 million, or 53 cents a share, compared with $435.3 million, or 39 cents, a year earlier, the company said.

Las Vegas Sands rose 5.5 percent to $54.41 in aftermarket trading. The stock gained 0.9 percent to $51.56 at the close in New York, and added 8 percent last year.

The company also raised its quarterly dividend by 40 percent to 35 cents a share, from 25 cents previously.

In November the company declared a $2.75 special dividend that netted Adelson, the company’s largest shareholder, about $1.2 billion.

© Copyright 2014 Bloomberg News. All rights reserved.

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