Photo: Wolfgang Staudt via Flickr
Hotel operator Las Vegas Sands says that is has set a new industry record, earning $1.07 billion during the first three months of 2012.Click here for updates >
The Las Vegas, Nevada, based hotel and casino company said that top line results soared 30.8 per cent to $2.76 billion, ahead of expectations for sales of $2.6 billion over the period.
Earnings per share were also greater than anticipated, at $0.70 per share.
“We are extremely pleased to report record financial results for the first quarter of 2012,” the company said in a statement. “Strong growth and EBITDA margins at our Macao property portfolio, together with continued growth at Marina Bay Sands in Singapore and a strong performance from our domestic properties contributed to record revenue, operating income, adjusted property EBITDA and adjusted earnings per share for the quarter.”
Occupancy rates increased across the Sand’s Asian operations, led by Singapore, where hotel rooms were full 98.4 per cent of the time.
Winnings at the company’s Four Seasons location in Macau was also strong, with table game winnings per unit per day hitting $26,933.
Shares are down slightly in after-hours trading, reversing an early surge after Las Vegas Sands reported results.