Las Vegas Sands says quarterly profits surge

Las Vegas Sands Corp., the world's biggest casino company by market volume, on Wednesday announced its fourth-quarter net income rose 17 percent to $320.1 million, a revenue record aided by continued growth in Macau and Singapore.

The casino operator's fourth- quarter earnings climbed 36 percent to 57 cents per share, in line with analyst expectations. Revenues climbed 26 percent to $2.54 billion, above estimates of $2.47 billion.

"Our geographic diversity and the strength of our operations in each of our business locations ... has put us in a unique and enviable position," CEO Sheldon Adelson told analysts during a conference call.

Adelson said the company's strengths allow it to offer a dividend while providing necessary resources to "aggressively pursue new development opportunities."

Las Vegas Sands declared an annual dividend of $1 per share to be paid in four parts, starting March 20.

Adelson, who has made news for his and his wife's combined $10 million donation to a political action committee backing GOP presidential candidate Newt Gingrich, told analysts the company is interested in building resorts in Japan, Korea, Taiwan and Vietnam.

"Our efforts are clearly progressing as our most recent conversations have advanced to the point where details such as site selection ... have been discussed," Adelson said.

Las Vegas Sands, which was the first major Las Vegas-based gaming company to report fourth-quarter earnings, fell 90 cents, or 1.79 percent, to $49.28 a share in after-hours trading, erasing a 2.18 percent, or $1.07, gain to $50.18 in the regular session.

MGM Resorts International also fell 20 cents, or 1.46 percent, to $13.50 in after-hours trading, eliminated a 4.98 percent, or 65 cents, gain to $13.70 in the regular session. Wynn Resorts Ltd. bucked the trend, gaining 16 cents, or 0.14 percent, to $117.91 in after-hours trading, following a $2.52, or 2.19 percent, rise to $117.75 in regular trading.

Wynn Resorts is set to report fourth quarter and 2011 earnings today. MGM Resorts is to report earnings Feb. 22.

Adelson said the company will open the first phase of its Sands Cotai Central project in Macau within eight weeks. The 13.7 million square-foot project will be its largest to date, with 6,400 hotel rooms.

Sands Cotai Central is located across the Cotai Strip from the company's Venetian Macau and Four Seasons Hotel Macau.

Fourth-quarter revenues for its Sands China Ltd. subsidiary increased 22 percent, to $1.33 billion. Net income for the quarter was $306.7 million, a 43.8 percent increase from $213.3 million for the same period last year.

In Singapore, revenue rose 44 percent to $806.9 million in the fourth quarter.

The company's Las Vegas properties, The Venetian and Palazzo, reported revenues that increased 9.3 percent to $339.5 million, compared with $310.6 million in the fourth quarter of 2010. The company earned $105 million from the Sands in Bethlehem, Pa.

In its earnings report, the company attributed the revenue increase in Las Vegas to strong baccarat play, a bump up in meeting and convention business and a 13 percent increase in revenue per available room, which hit $174 .

"Also important to note, our growth is not just fueled by a single revenue source, either," Adelson said. "You could point to strong growth in retail, food and beverage, meetings and conventions, or the $1 billion of room revenue the company did in 2011 as clear evidence that we are much better described as an international integrated resort developer rather than simply a gaming company."

Net income in 2011 was $1.64 billion, or $2.02 per share, compared to $775 million, or 98 cents a share, last year. Analysts surveyed by Yahoo Finance estimated full year earnings of $1.99 per share.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.