LAS VEGAS - revenues climbing at stations in Macau and Singapore return casino operator has helped to Las Vegas Sands Corp. for a profit in the first quarter, but earnings as it reported Tuesday fell below Wall Street expectations.
Sands shares plunged almost 10% after hours.
The company headed by billionaire CEO Sheldon Adelson reported net income of 228.2 million, compared to a loss of $ 28.9 million a year earlier. He said its earnings amounted to 37 cents per share, excluding non-recurring items, but analysts were looking for 43 cents per share, on average, according to FactSet.
Income sands 2.11 billion, an increase of more than 50% a year earlier, squeaked past analysts expected $ 2.1 billion on average.
Shares in the company fell $4.47, or 9.7%, $41.40 after hours. They ended commercial regular, $1.64 or 3.5 45.87% $.
During a conference call with investors, Adelson immediately face questions about whether if the company was disappointed with the performance of the casino to its new Singapore in the first quarter.
"You talk about very large sums," said Adelson. "Pretty soon Singapore will be delivering more (earnings) than the Las Vegas Strip everything."
Adelson, who remained optimistic about the company of family control, even during much more steep dips stocks over the past three years, said sands is satisfied with its results in the gambling enclave of la China, Macau and sees even more potential there.
"We have the largest footprint in the largest gaming market in the world and we are eager to take advantage of the significant opportunities for organic growth from us," said Adelson. "I have no doubt that we will achieve even greater success in the months and years to come."
Sands has said that its revenues in Macau increased 22.6% to 1.16 billion for the quarter. He saw revenues of 584.9 million for the quarter at Singapore, where his casino of Marina Bay sands opened in the second quarter of last year.
Income from the business in Las Vegas was 305.1 million, up to 8% from a year earlier, and its casino in Bethlehem, PA, where a tower 300 rooms is scheduled to open this month, brought in revenue of $ 91 million., up to 35%. The casino at a former Bethlehem steel mill opened in May 2009.
Adelson blamed bad luck in Las Vegas and Singapore for it drops in society take percentage - the ratio of how much he won clients how much bet.
"A month of low expectation is not a year," said Adelson. "But think to having the Las Vegas Strip all reside in two casinos (at Singapore) and we who separated."
Sands said he had 3.13 billion in unrestricted cash with 658.9 million allocated mainly to the construction in Macau. The Las Vegas-based company said that its total debt was $ 10.1 billion, with 652.3 million due this year.
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