April 22 (Reuters) – Las Vegas Sands reported a higher first-quarter profit on Wednesday, driven by strong demand from both its Macau and Singapore businesses, sending the casino operator’s shares up more than 2% after the bell. Gambling revenue from Macau has risen strongly in the quarter, according to government data, partly aided by strong […]
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Casino operator Las Vegas Sands quarterly profit rises on Macau, Singapore demand
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April 22 (Reuters) – Las Vegas Sands reported a higher first-quarter profit on Wednesday, driven by strong demand from both its Macau and Singapore businesses, sending the casino operator’s shares up more than 2% after the bell.
Gambling revenue from Macau has risen strongly in the quarter, according to government data, partly aided by strong tourist activity due to the Lunar New Year.
• The company operates integrated resorts and casinos, such as Marina Bay Sands in Singapore, and six properties in Macau, including The Venetian Macau.
• Total revenue from its Singapore operations rose 27.9% to $1.49 billion from a year earlier, while revenue from its Macau operations rose 23.7% to $2.11 billion.
• The company reported quarterly adjusted profit of 91 cents per share.
• Analysts, on average, expected adjusted profit per share of 78 cents, according to data compiled by LSEG.
• Its total quarterly net revenue rose 25.3% to $3.59 billion year over year.
(Reporting by Anshuman Tripathy and Megavarshini G. Somasundaram in Bengaluru; Editing by Vijay Kishore)