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November 22, 2014

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Gaming:

Macau drives record earnings for Las Vegas Sands

Adelson: ‘I couldn’t be more optimistic about the future’

Image

AP Photo/Kin Cheung

The Sands Casino in Macau is seen Oct. 31, 2009.

Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp.

Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp.

Las Vegas Sands ended last year with record earnings, led by growth in Macau and other Asian markets.

The company reported that 62 percent of its fourth-quarter operating profit of more than $1 billion came from its Macau casinos and resorts.

Sands Chairman Sheldon Adelson told investors in an earnings call this afternoon that he expects continued growth with this week’s opening in Macau of the 2,100-room Sheraton and the planned addition of 200 table games coming in the first quarter of this year.

Revenue in Singapore fell 29.1 percent in the quarter but still represented 30 percent of the company’s income.

Highlights from the fourth quarter and year-end 2012 included:

• Fourth-quarter net revenue increased 20.9 percent to $3.08 billion, a company record.

• Year-end revenue increased 18.3 percent to $11.13 billion, also a record.

• The company saw record gaming volumes in Macau, driving operating profits there to a record $622.2 million. Mass table volumes jumped 52.6 percent to record $769.6 million. Casino wins for slots and electronic table games grew 54.7 percent to $162.1 million, another record.

• The Sands board increased its quarterly dividend by 40 percent, from 25 cents per share last year to 35 cents per share this year.

The profits from China offset a drop in income at the Venetian and Palazzo in Las Vegas. The Las Vegas resorts reported quarterly earnings of $87.9 million, a drop of 34.7 percent from 2011. That represents 5 percent of the company’s adjusted revenues.

Sands Bethlehem in Pennsylvania continued to grow with income of $27.5 million in the fourth quarter, up 22 percent from the previous year.

Adelson said the company is continuing to look at building more casinos in the Asian market.

“We’ve been on the ground for some time in Japan, Korea and Vietnam,” he said. “We’re also looking for more opportunities in Europe and South America...I couldn’t be more optimistic about the future.”

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