Billionaire Sheldon Adelson is planning to bet more money in Asia after his gambling facilities in Macau and Singapore have brought more money to casino operator Las Vegas Sands Corp. during the first quarter of 2018.
In a regulatory filing, Sands announced that its net revenue in the three-month period was at $3.58 billion, up 16.7 percent from $3.11 billion in the same period in 2017. The figures exceeded most analysts’ expectations of $3.36 billion. Sands’ reported profit of $1.04 a share also exceeded analysts’ expectation of 85-cent average.
On the other hand, the casino operator’s consolidated adjusted property earnings before interest, taxes, depreciation, and amortization (EBITDA) leaped 30.7 percent to a record of $1.50 billion this year.
The success of Sands during the first quarter of the year lies on the strength of its brick-and-mortar facilities in Macau and Singapore, which have both posted double-digit percentage growth. The firm’s Las Vegas operation also provided additional support to its first quarter revenue.