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Las Vegas Sands sees record Q1 results as earnings at Marina Bay Sands jump 48.6%
LAS Vegas Sands Corp, the world's largest casino company, said first-quarter sales and profit rose to new records in all its three markets, with results in Singapore soaring.
Sands reported net income shot up 179.1 per cent to US$1.62 billion in the first quarter of 2018, compared to US$579 million in the year-ago period, inclusive of a US$670 million non-cash income tax benefit.
Revenue for the three months to March 31 grew 16.7 per cent to US$3.58 billion, exceeding projections of US$3.36 billion.
The group's total consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased 30.7 per cent to US$1.50 billion versus analysts' consensus forecast of US$1.28 billion.
At Marina Bay Sands in Singapore, EBITDA jumped 48.6 per cent to US$541 million from US$364 million a year ago. Casino revenue swelled 32.5 per cent to US$652 million from US$492 million a year ago. Overall revenue was 26.4 per cent higher at US$872 million.
The world's largest casino company is also benefiting from a surge in betting in Macau following the opening of several new resorts. Sands' newest property, the Parisian, debuted in September 2016. Overall casino revenue in Macau grew 22 per cent in the first quarter.
In Macau, where Sands has multiple casinos, EBITDA rose 26 per cent to US$789 million.
Said Sheldon Adelson, chairman and CEO of the company: "The power of our unique convention-based Integrated Resort business model was once again on display during the quarter, with record quarterly financial results achieved in Macao, Singapore and Las Vegas. We also continued to invest in growth initiatives in each of our markets while returning excess capital to shareholders."
Sands shares rose 2.3 per cent to US$74 in extended New York trading on Wednesday.