Cotai Continues to Drive Las Vegas Sands Higher
Macau continues to be a boon for Las Vegas Sands , as shown by today's first-quarter results. Quarterly revenue was up 21.4% to $4.01 billion and adjusted property EBITDA increased 26.8% to $1.48 billion. Net income was 35.7% higher than a year ago at $776.2 million, or $0.95 per share.
Sands Cotai Central continues to be a driver of growth with EBITDA more than doubling from a year ago to $265.2 million. But that continues to pull from Sands Macau on the Macau Peninsula, which had just a 1.2% increase in revenue and a 5.4% drop in EBITDA.
In Singapore, results continue to be mixed with EBITDA up on a stronger than normal win percentage but a 29% drop in VIP play and a 3% drop in mass-market play. Singapore is still a highly profitable resort but it hasn't been a growth driver in the way Macau has been.
Las Vegas Sands continues to be a leader in Macau and a beneficiary of continued increased traffic on Cotai, where it has a dominant presence. That will continue to be the case as Macau grows and the company's revenue will outpace Macau as a whole.
The article Cotai Continues to Drive Las Vegas Sands Higher originally appeared on Fool.com.Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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