Profit rose to 72 cents a share, excluding items, the Las Vegas-based company said today in a statement. Analysts had projected 84 cents, the average of 21 estimates compiled by Bloomberg. Revenue gained 19 percent to $3.66 billion, compared with analysts’ estimates of $3.71 billion.
Sales in Singapore, the company’s second biggest market, fell 8 percent to $659.8 million, with earnings there dropping 14 percent to $258.8 million. Gains in mass gaming and non-gaming revenue were countered by “softer VIP play,” the company said.
Gambling industry revenue in Macau, Las Vegas Sands’ largest market and the only part of China where casinos are legal, increased 24 percent in the fourth quarter to $12.5 billion, according to the Gaming Inspection and Coordination Bureau there. The company’s revenue in the enclave climbed 28 percent to $2.53 billion.
In Las Vegas, where Las Vegas Sands operates the Venetian and the Palazzo resorts, sales rose 25 percent to $385.7 million.
Las Vegas Sands, controlled by billionaire Sheldon Adelson, generated 86 percent of its revenue in Macau and Singapore in the third quarter, Bloomberg data show. The company had its credit ratings increased in December to investment grade by Standard & Poor’s, which said its leverage, or ratio of debt to earnings before interest, taxes, depreciation and amortization, will remain below 2.5.
Net income for the quarter increased 33 percent to $577.5 million, or 70 cents a share, from $434.8 million, or 53 cents, a year earlier. Revenue increased from $3.08 billion a year earlier.
The company also reported that earnings per share on a hold-normalized adjusted basis rose 36 percent to 87 cents.
Las Vegas Sands fell 1.9 percent to $72.50 in extended trading at 5:13 p.m. New York time. The shares declined 1.8 percent to $73.93 at the close. The stock has gained 45 percent in the past 12 months compared with 18 percent for the Standard & Poor’s 500 Index.
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