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Sands profit higher but China growth falls short

Published on NewsOK Modified: January 29, 2014 at 4:49 pm •  Published: January 29, 2014

LAS VEGAS (AP) — Las Vegas Sands' fourth-quarter profit grew 33 percent, but slower-than-expected growth in its China casinos weighed on the company's results.

The company run by billionaire CEO Sheldon Adelson reported Wednesday that it earned $577.5 million, or 70 cents per share, for the October-December quarter, up from $434.8 million, or 53 cents per share, in the same months in 2012.

Excluding one-time items, earnings came to 72 cents per share. Revenue rose 19 percent, to $3.66 Billion from $3.08 billion.

Analysts predicted 83 cents per share on revenue of $3.72 billion for the quarter, according to FactSet.

Sands derives a majority of its revenue from its four properties in Macau, the Chinese gambling enclave. It also operates The Venetian and the Palazzo in Las Vegas, the Sands Bethlehem in Pennsylvania and the Marina Bay Sands in Singapore.

Analysts asked if Adelson would invest the company's cash flow in new projects. The 80-year-old mogul, who bailed his company out in the depths of the recession, said he would take a more conservative stance, adding that shareholders always appreciate dividends.

"I had to take a billion dollars out of my pocket in '08 and '09 because we owed money, so I don't want to be put in a position that I'm just going to speculate," he said.

For the full year, net income increased to $2.31 billion from $1.52 billion in 2012.

Las Vegas Sands Corp.'s shares fell less than 1 percent to $73.75 in after-hours trading. The stock closed down $1.33 to $73.93 in regular trading. It's up 45 percent over the past 12 months.


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