Wednesday, July 26, 2017 | 2:45 p.m.
The Las Vegas Sands, which owns and operates the Venetian and Palazzo resorts and Sands Expo and Convention Center in Las Vegas, as well as casinos in Pennsylvania, Singapore and Macao, reported its second-quarter financial results Wednesday.
Company: Las Vegas Sands Corp. (NYSE: LVS)
Revenue: Consolidated net revenue was $3.14 billion for the second quarter 2017, an 18.6 percent increase from $2.64 billion in the same quarter a year ago.
Income: Net Income for second-quarter 2017 was up 61.9 percent to $638 million from $394 million in the same quarter of 2016.
Income per share: Earnings per diluted share were $0.69, compared to $ 0.41 per diluted share in the same quarter last year.
The second quarter was a good one for Las Vegas Sands, Corp., based largely on results from its properties outside of Las Vegas.
In an earnings call Wednesday to discuss earnings, CEO Sheldon Adelson said he was very pleased with results from the second quarter, and that the company’s properties in Macau saw strong mass gaming revenue growth.
“I remain as confident as I have ever been in our company’s prospects. Macau’s growth rate has been accelerating now for four consecutive quarters,” Adelson said. He added that his company’s “critical mass of product and amenities (in Macau) allows us to cater to every type of customer.”
Macau has been on an upswing recently, after a decline in business thought to be largely caused by a crackdown on corruption by the government in mainland China.
In addition to the Venetian and Palazzo on the Strip and the Sands Bethlehem (Pa.), Sands owns and operates six integrated resorts in Asia, five in Macau and one in Singapore.
Adelson said Marina Bay, the Sands’ Singapore resort, also did well “in part because of strong performance in the VIP segment … as well as the retail mall businesses.”
“At the same time Marina Bay Sands continues to serve as the most important reference site for jurisdictions considering resort development,” said Adelson, referring to the potential for the development of large casino complexes in Japan.
The government of Japan has already approved the concept of such resorts and now is working on the laws and regulations that will spell out how they might be operated. Adelson has said the Sands is lobbying Japanese officials for a chance to develop a resort in that country, as have officials with MGM Resorts International and Wynn Resorts.
The company’s two Las Vegas resorts did not do as well as the Asian properties. Sands President and Chief Operating Officer Robert G. Goldstein said the second quarter was disappointing “in terms of the lodging component. The summer looks better.”
“The group business will be strong. We’re hoping for more there,” Goldstein said. “But obviously, we didn’t have as good a quarter as hoped for, especially after such a stellar first quarter.”