Las Vegas Sands Corp. (NYSE:LVS) posted first-quarter financial results that beat expectations on both the top and bottom line, on stronger gaming volumes across its Macao portfolio and improved occupancy levels and room rates in its hotels worldwide.
The hotel and casino operator said first-quarter net income doubled to $498.9 million, or 61 cents a share, up from $228.2 million, or 28 cents a share, one year ago. On an adjusted basis, earnings rose to 70 cents a share, up from 37 cents one year ago.
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Net revenue rose 31% to $2.76 billion, up from last year’s first-quarter sales of $2.11 billion.
The results topped expectations, as the Street was expecting earnings of 60 cents a share on revenue of $2.62 billion, according to a poll by Thomson Reuters.
The parent company for the Venetian and Palazzo hotels in the United States and the Venetian, Four Seasons and Sands in Macao said casino revenues strengthened in the quarter, jumping to $2.27 billion, up from $1.66 billion in the first quarter of last year.
Statistics for the company’s hotel properties improved substantially compared to the year-ago quarter, an indicator of a rebound in tourism revenues both domestically and abroad. Across its portfolio, revenue per available room (RevPAR) rose 15.7% to $228, up from 197, one year ago, as average daily rates rose 7.5% to $244, compared with $227 in the year-ago quarter. Occupancy rates increased to 82.3% from 64.6% in the first quarter of last year.
Shares of Las Vegas Sands rose 4.2% in the regular session on Wednesday to close at $58.78. The stock rose after results were announced, but then edged down 93 cents, or 1.5%, in after-hours trading.