Las Vegas Sands Tops Forecasts

The company has strength at both its Las Vegas and Macao casinos.
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Las Vegas Sands'

(LVS) - Get Report

third-quarter earnings jumped 21% from a year ago, boosted by strong results at the company's Las Vegas and Macao casinos.

The casino operator said it earned $97.3 million, or 27 cents a share, in the quarter, compared with $80.1 million, or 23 cents a share, in the prior period.

Adjusting for certain one-time charges, EPS increased to 33 cents from 25 cents last year. On this basis, earnings beat analysts' forecast of 29 cents a share, according to Thomson First Call.

Net revenue increased 26% to $553.2 million, topping the Wall Street estimate of $525.1 million.

Las Vegas Sands currently owns just two casinos -- the Sands Macao and The Venetian in Las Vegas. Operating income at the Macao casino rose 27% in the quarter, while the Vegas casino saw a 27.4% increase.

The company said it will open its new Venetian Macao casino in less than nine months. The Palazzo, being built next to the Venetian in Vegas, will open in less than a year.