In an announcement which shocked skeptics, Las Vegas Sands reported a fourth-quarter net income of 1.3 million and a profit of .84 billion on the year. Many people figured the mess that has become Macau would have its largest impact on companies like Sands, as VIP play is cooling off like never before.
While many companies are seeing revenue streams come in from non-gaming and more entertainment-based sources, Sands saw 80 percent of their fourth-quarter revenue and 82 percent of the annual revenue come from gaming. Sheldon Adelson, the founder, chairman, and CEO of Las Vegas Sands proudly announced the numbers of their properties in Asia.
One highlight was EBIDTA that doubled at its Marina Bay Sands in Singapore, which led to him sarcastically and rhetorically asking if he had heard someone speak poorly on the state of gaming in Asia. He was quick to point out the company’s commitment to offering amenities outside of slot machines and a casino floor, such as a 15,000-seat arena, hotel rooms, shopping, and convention and meeting business.
The operator posted revenue of $3.42 billion for the quarter, which ended a shade short of the $3.55 billion analysts predicted, according to Zacks. Las Vegas Sands shares grew 3.8 percent to $58.12 in after-hours trading following the report.
