Las Vegas Sands Corp. reported first-quarter results that beat analysts’ estimates as gambling in the Chinese enclave of Macau continued to soar.
Sands, controlled by billionaire Sheldon Adelson, reported profit of 97 cents a share, excluding items. Analysts had forecast 94 cents, the average of estimates. Sales grew 21 percent to $4.01 billion, the Las Vegas-based company said today in a statement, beating projections of $3.9 billion.
Industry revenue in Macau, where Sands operates four resorts and earns most of its profit, rose almost 20 percent in the first three months of 2014, according to the Gaming Inspection and Coordination Bureau Macau. Casino operators are benefiting as their resorts attract more mass-market players and guests stay longer.
Las Vegas Sands was little changed in extended trading after the announcement. The stock gained 2 percent to $79.48 at the close in New York and is also little changed this year. The company repurchased $810 million of its common stock during the quarter, according to the statement.
Earnings from Sands China Ltd. in Macau before interest, tax, depreciation and amortization, rose 50 percent to $938.1 million, Sands said. Profit at the Marina Bay Sands in Singapore increased 9.7 percent to $435.2 million. Adjusted profit in Las Vegas increased 4.8 percent to $97.3 million.
Net income for the quarter grew 36 percent to $776.2 million, or 95 cents a share, from $572 million, or 69 cents, the company said.