Las Vegas Sands profits DOUBLE
LAS Vegas Sands has said that its profits, in its first quarter, have doubled. The staggering surge in profits beats analysts’ predictions as the sharp rise stems from Singapore and the US. “No company has ever achieved a $1 billion Ebitda for a quarter,” Adelson said on a call with investors.
Net profit was $498.9m (£309m) in the three months to the end of March, up from $228.2m last year. Las Vegas Sands experienced a strong performance from Singapore, where casino revenue increased 51 percent to $701.3 million in the quarter. The Marina Bay Sands there averaged 98 percent occupancy at $341 a night, the company said. In Las Vegas, casino revenue jumped 91 percent to $158.7 million.
“Excellent numbers,” David Bain, an analyst at Sterne Agee Leach Inc., said in an e-mail.
Las Vegas Sands said it posted an industry record of $1.07 billion in quarterly earnings before interest, taxes, depreciation and amortization.
The company is expanding in Macau, the world’s largest casino market and the only place in China where gambling is allowed, through its Hong Kong-listed unit Sands China Ltd.
Las Vegas Sands, which owns the Venetian and Palazzo resorts in Las Vegas, said revenue rose 31 percent to $2.76 billion, beating estimates of $2.6 billion on average.
Adelson opened his latest property, the $5 billion Sands Cotai Central, in Macau on April 11. He plans to also venture out onto Spanish soil…in either Madrid or Barcelona.
