Sands profit tops estimates

July 24th, 2010 | by Velma Orr |

ATLANTA – LAS Vegas Sands Corp, the casino operator run by billionaire Sheldon Adelson, reported better-than-expected quarterly results on Wednesday, as revenue was aided by strong performance in Macau and Singapore.

Sands, which opened a US$5.7 billion (S$7.8 billion) casino resort in Singapore in April, had earnings of US$129.3 million, or 17 US cents a share, for the second quarter after adjusting for items. That compared with US$8.8 million, or 1 US cent a share, a year earlier.

Analysts on average expected of 9 US cents a share, according to Thomson Reuters. Net revenue rose nearly 51 per cent to US$1.59 billion.

The company had a quarterly net loss of US$4.7 million, or 1 US cent a share, compared with a net loss of US$222.2 million, or 34 US cents a share, a year earlier, after payment of preferred stock dividends.

Gambling revenue in Macau, the world’s largest gambling center, has soared this year – most recently rising 65 per cent year-over-year in June. Mr Adelson last week fired the head of Sands China Ltd, the Macau unit of Las Vegas Sands.

In addition to Singapore’s Marina Bay Sands, Sands owns the Palazzo and Venetian resorts on the Las Vegas Strip, three casinos in Macau and a casino in Pennsylvania. — REUTERS

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