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Las Vegas Sands 3Q profit beats expectations as Macau boom makes up for Las Vegas stagnation
LAS VEGAS, Nev. – Las Vegas Sands Corp. beat Wall Street’s expectations in the third quarter as record profits in Macau helped make up for continued weakness in Las Vegas.
The gambling giant’s income nearly doubled, driven by growth at Sands’ five Macau properties. Macau is the only place in China where casino gambling is legal.
Casino revenue remained sluggish at the company’s two Las Vegas casinos, the Venetian and Palazzo.
The company run by billionaire CEO Sheldon Adelson on Thursday reported net income of $626.7 million, or 76 cents per share, up from $349.8 million, or 42 cents per share. Revenue grew by 32 per cent to $3.57 billion.
Adjusted earnings were 82 cents per share. Analysts polled by FactSet predicted 76 cents per share on $3.47 billion.
The stock is down less than 1 per cent in aftermarket trading after a 2 per cent rise during the day.
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