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Las Vegas Sands sets record 1st-quarter profit of $572 million

Updated Wednesday, May 1, 2013 | 4:14 p.m.

Las Vegas Sands has reported record first-quarter earnings, accelerated by massive growth in Macau.

The company’s first-quarter revenue increased 19.5 percent to $3.3 billion with a profit of $572 million, or 69 cents a share. That’s up 14.6 percent from a year ago when Sands reported a profit of $498.9 million.

Though analysts predicted Sands’ adjusted earnings to peak at 67 cents, the company made 71 cents per share in the first three months of the year.

Las Vegas Sands Chairman Sheldon Adelson said in an earnings call Tuesday that 14 million gamblers in the first quarter visited Macau, the only place in China where gambling is legal and where Las Vegas Sands owns four casinos.

“I am pleased to report all-time record quarterly financial results that reflect strong revenue and cash flow,” Adelson said.

The company last year opened Sands Cotai in Macau, a resort with 9,000 hotel rooms spread over 28 million square feet.

In Las Vegas, where the company owns the Italian-themed Venetian, revenues rose 7 percent to $411.5 million.

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