By John Kell
Las Vegas Sands Corp.'s fourth-quarter profit jumped 33% as the
casino and resort operator reported higher revenue in Macau and Las
Vegas.
But shares, which had rallied for much of 2013, slid 4.6% to
$70.50 in after-hours trading as results weren't as strong as
analysts expected.
The company, best known in the U.S. for its Italian-themed
Venetian resort in Las Vegas, generates most of its revenue from
profitable casinos in Macau and Singapore.
The industry's gambling revenue in Macau rose 19% last year,
further cementing the Chinese territory's position as the world's
casino capital. And analysts expect Macau to widen its lead on the
Las Vegas Strip even more this year.
Overall, Las Vegas Sands reported a profit of $577.5 million, or
70 cents a share, up from $434.8 million, or 53 cents a share, a
year earlier. Excluding early debt retirement costs and development
expenses, adjusted profit grew to 72 cents from 54 cents a
share.
Revenue grew 19% to $3.66 billion, including a 21% jump in
casino revenue. Revenue growth was broad, as the company's
customers spent more on rooms and food and beverages.
Analysts surveyed by Thomson Reuters expected a per-share profit
of 84 cents on revenue of $3.71 billion.
Operating income grew to $886.1 million, compared with $672
million a year ago, mostly due to stronger results in Macau.
At Sands China Ltd., the company's majority-owned Macau
subsidiary, net revenue jumped 28% while net income improved
40%.
Net revenue from the company's Marina Bay Sand property in
Singapore slid 8%, while the Las Vegas operations' top line jumped
25%.
Write to John Kell at john.kell@wsj.com
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