Net income surged 33% for Las Vegas Sands in the fourth quarter as the company continued to ride high on the Macau boom and also grew revenues on the Las Vegas Strip.
NYSE-listed Sands (LVS) reported a profit of US$577.5 million, or 70 cents a share, up from $434.8 million, or 53 cents a share, a year earlier. Adjusted for early debt retirement costs and development expenses, it worked out to 72 cents a share, compared with 54 cents in Q4 2012.
Revenue company-wide was up 19% to $3.66 billion, driven by a 21% increase on the gaming side. Hotel and food and beverage also contributed significantly. Las Vegas’ top line jumped 25%.
Operating income grew to $886.1 million, compared with $672 million a year ago, mostly due to stronger results in Macau.
The company’s Macau subsidiary, Hong Kong-listed Sands China (1928), saw net income soar by 40% year on year on a 28% increase in net revenue.
Net revenue from the company’s Marina Bay Sands resort in Singapore slid 8%.
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