Las Vegas Sands Corp. (LVS), the casino company controlled by billionaire Sheldon Adelson, reported a 1.1 percent drop in profit, missing estimates as results from the company’s Singapore casino fell short.
Net income fell to $349.8 million, or 42 cents a share, from $353.6 million, or 44 cents, a year earlier, the Las Vegas- based company said today in a statement. Profit of 46 cents, excluding some items, trailed the 60-cent average estimate of 23 analysts compiled by Bloomberg. The company raised its quarterly dividend 40 percent, to 35 cents a share.
The results reflect lower casino revenue in Singapore, the result of higher customer winnings, and increased provisions for accounts receivable there, Las Vegas Sands said. That led to a 5.1 percent decline in adjusted property earnings before interest, taxes, depreciation and amortization, to $876.9 million, Las Vegas Sands said.
Sales rose 12 percent to $2.71 billion, missing estimates of $2.89 billion. The company opened its fourth casino in Macau, the Sands Cotai Central, in April.
The shares fell 0.7 percent to $46.15 in extended trading. Las Vegas Sands was little changed at the close in New York, rising 2 cents to $46.46 prior to the results. The stock has advanced 8.7 percent this year.
The dividend increase takes effect in 2013, Las Vegas Sands said. The existing 25 cent dividend is payable on Dec. 28 to shareholders as of Dec. 20.
To contact the reporter on this story: Christopher Palmeri in Los Angeles at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
To contact the editor responsible for this story: Anthony Palazzo at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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