For the fourth quarter, profit rose to 88 cents a share, excluding some items, Sands said in a statement. That beat analysts’ projections of 77 cents. Sales grew to US$3.44 billion, beating projections of US$3.26 billion on strength of casino results in Macau and Singapore, where Sands is also the largest operator.
The Macau casino market is bouncing back from a three-year slump, prompted by a government crackdown on corruption, though betting remains below the all-time high. Gamblers are being draw back to market by a still-strong mainland economy and a string of new resorts designed to appeal to high-rollers as well as casual gamblers.
Profit in Sands’ hometown of Las Vegas rose despite a tourism slump tied to the Oct. 1 mass shooting and rose in Singapore as well.
Shares of Las Vegas Sands rose as much as 4.4% to US$80.82 in extended trading after results were announced. The stock fell 0.3% to US$77.44 at the close in New York and rose 30% last year.
Earlier this week, Wynn Resorts Ltd. also reported quarterly results that beat Wall Street estimates and outlined plans to expand the US$4.2 billion Wynn Palace on Macau’s Cotai Strip as well as plans for a new property in its hometown of Las Vegas.
