Posts Tagged ‘Sands China Ltd’

Las Vegas Sands Sees Record Q1 Profit of $572 million

Singapore, China dominance key in Adelson's latest win

by , May 14, 2013 | 2:00 pm

SheldonAdelsonLas Vegas Sands Corp., the gaming company controlled by billionaire Sheldon Adelson, reported first-quarter earnings Wednesday that easily surpassed analysts’ estimates as growth at its Macau properties accelerated.

The casino company last year increased its share of the Macau market with the opening of Sands Cotai Central, its fourth casino in the Chinese gambling enclave. Las Vegas Sands is building The Parisian, its second Cotai Strip resort at a cost of $3 billion.

The Parisian is scheduled to open in late 2015. Adelson told analysts in a conference Wednesday the company is seeking government approval to build its Tropical Garden retail mall in Cotai, a development with 900,000 square feet of “value oriented retail.”

Las Vegas Sands net income for the quarter was $572 million, or 69 cents per share, compared with $498.9 million, or 61 cents per shares, in the first quarter of 2012. Analysts surveyed by Yahoo Finance expected earnings of 67 cents.

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