Las Vegas Sands Turns to Profit, but Revenues Miss |
| ABC News - Feb 4, 2011 |
Soaring revenue in Macau and Singapore helped casino operator Las Vegas Sands Corp. return to a profit in the last three months of the year, and billionaire CEO Sheldon Adelson said Thursday that his company will continue to expand its reach in Asia, Europe and the U.S.
While profit topped expectations, investors had hoped that the surge in gambling revenue in the Chinese enclave of Macau would translate into even more robust revenue growth for the company. At $2.02 billion, quarterly revenue came in below forecasts, sending Las Vegas Sands shares down nearly 7 percent after-hours.
A recovery in Asian economies helped Macau's casino gambling revenue rise by more than half in 2010 to $23.52 billion, solidifying its rank as the world's biggest gambling market. Las Vegas Sands, which generates the majority of its profit in Asia, said revenue from its Macau properties rose 13 percent to $1.09 billion during the quarter. In Singapore, the company's Marina Bay Sands resort, which opened in April, took in $560.4 million and Adelson said that market is all but certain to grow. He said Marina Bay is a perfect showcase for government officials in various countries that are considering allowing casino companies to enter their markets. He expects Sands to be favored to win bids to build resorts in Japan, Korea and Taiwan.
Read Full Article from ABC News
- Posted: 2011-02-03 22:41:34
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
