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Las Vegas Sands' 1Q earnings jump 15 per cent on strength of Macau, Singapore casinos

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(Globalpost/GlobalPost)

LAS VEGAS, Nev. - Las Vegas Sands Corp. drew a record number of gamblers in Macau in the first quarter and took in more money from its Singapore casinos, helping lift net income by 15 per cent to top expectations.

The company run by billionaire CEO Sheldon Adelson says there were 14 million visits to its Macau properties in the first three months of the year. Macau is the only place in China where gambling is legal.

Sands said Monday that it earned $572 million, or 69 cents per share, up from $498.9 million, or 61 cents per share, a year earlier. Excluding one-time items, Sands made 71 cents per share — topping analysts' estimate of 67 cents.

Revenue also beat expectations, rising 20 per cent to $3.3 billion, a quarterly record for Sands.

http://www.globalpost.com/dispatch/news/the-canadian-press/130501/las-vegas-sands-1q-earnings-jump-15-cent-strength-macau-sing