Mass-market gamblers boost Sands China profit
Sands China, the Macau casino operator controlled by Sheldon Adelson, posted a 50 per cent gain in first-quarter profit as its resorts drew more mass-market gamblers in the world's biggest casino market.
Adjusted property earnings before interest, taxes, depreciation and amortisation at the Hong Kong-listed unit of Las Vegas Sands rose to US$938.1 million from US$626.4 million a year earlier, the parent company said in an earnings statement yesterday. That surpassed the US$937.5 million median of six analysts' estimates.
Net income climbed 66 per cent to US$751.9 million while revenue grew 35 per cent to US$2.72 billion, based on US generally accepted accounting principles.
The parent firm also reported first-quarter results that beat analysts' estimates.
Sands China and Galaxy Entertainment are among Macau casinos attracting more holidaymakers as they added shopping malls, theatres and exhibition halls in their resorts. An increase in the number of hotel rooms and an improved rail connection to Macau's Cotai also lured more families on vacation from the mainland.
Sands China plans to invest US$2.8 billion to build the Parisian resort, featuring a replica of the Eiffel Tower, on Cotai. The resort will be its fifth in Macau.
Gambling revenue in Macau rose 20 per cent to US$12.8 billion in the first three months of the year from a year earlier.