Sands’ Profits Beat Predictions
LAS VEGAS (AP) — Casino giant Las Vegas Sands Corp. says its first-quarter net income rose 36 percent due to a strong performance in Macau.
Billionaire CEO Sheldon Adelson says the company delivered growth in every sector of business in Macau, the only place in China where gambling is legal. Sands derives a majority of its revenue from the enclave but also owns properties on the Las Vegas Strip and elsewhere.
Sands reported Thursday that it earned $776.2 million, or 95 cents per share, in the January-March quarter. That’s up from $572 million, or 69 cents per share, the year before.
Excluding one-time items, profit came to 97 cents per share.
Revenue rose 21 percent to $4 billion.
Analysts polled by FactSet predicted profit of 92 cents per share on revenue of $3.9 billion.
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