Casino resort operator Las Vegas Sands continues to go from strength to strength, with income soaring 118.7 per cent in the first quarter.
Sheldon Adelson’s company, which is planning major new casino developments in Asia and Europe, achieved net income of $498.9m during the three-month period, compared with $228.2m a year earlier.
Net revenue hit a record $2.76bn, representing an increase of 30.8 per cent on the $2.11bn posted by the company in the first quarter of 2011. Property EBITDA increased 43 per cent to a record $1.07bn.
“Strong growth and EBITDA margins at our Macau property portfolio, together with continued growth at Marina Bay Sands in Singapore and a strong performance from our domestic properties contributed to record revenue, operating income, adjusted property EBITDA and adjusted earnings per share for the quarter,” the company said.
In Macau, LVS’ properties generated stronger gaming volumes and experienced particular growth in the higher margin mass table and slot businesses, together with a significant improvement in its non-gaming components. Overall, property EBITDA reached $456.4m.
In Singapore, Marina Bay Sands produced record EBITDA of $472.5m – 66.1 per cent higher than the same period last year. The company’s Las Vegas properties, meanwhile, enjoyed a 77.6 per cent jump in EBITDA to $115.8m.
Earlier this month, LVS opened its largest ever integrated resort, the Sands Cotai Central, in Macau.
