By Tess Stynes
Las Vegas Sands Corp. said its first-quarter earnings rose 36%
mostly on stronger results at the casino and resort operator's
Macau holdings.
The company, best known in the U.S. for its Italian-themed
Venetian resort in Las Vegas, generates most of its revenue from
profitable casinos in Macau and Singapore.
Las Vegas Sands reported a profit of $776.2 million, or 95 cents
a share, up from $572 million, or 69 cents a share, a year earlier.
Excluding one-time items, adjusted earnings rose to 97 cents from
71 cents. Revenue rose 21% to $4.01 billion.
Analysts polled by Thomson Reuters expected per-share profit of
94 cents and revenue of $3.91 billion.
Operating income grew 38% to $1.14 billion, compared to $826.7
million a earlier, driven by growth at the company's Macau
unit.
At Sands China Ltd., the company's majority-owned Macau
subsidiary, net revenue rose 35% to $2.72 billion, while net income
66% to $751.9 million.
Net revenue from the company's Marina Bay Sand property in
Singapore rose 5.1%, while the Las Vegas operations' top line fell
7%.
Corrections & Amplifications: An earlier version of this
article said in the headline and first paragraph that earnings
growth was 3%.
Write to Tess Stynes at tess.stynes@wsj.com
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