01 Nov '12, 10pm

Las Vegas Sands Profit Misses Views on Singapore Results - Bloomberg

Las Vegas Sands Corp. (LVS) , the casino company controlled by billionaire Sheldon Adelson , reported an 18 percent drop in profit, missing estimates as results from the company’s Singapore casino fell short. Net income fell to $349.8 million, or 42 cents a share, from $424.9 million, or 44 cents, a year earlier, excluding preferred dividends, the Las Vegas-based company said today in a statement. Profit of 46 cents, excluding items, trailed the 60- cent average estimate of 23 analysts compiled by Bloomberg. The company raised its quarterly dividend 40 percent. Las Vegas Sands cited lower casino revenue in Singapore, the result of higher customer winnings and increased provisions for accounts receivable there. That led to a 5.1 percent drop in adjusted property earnings before interest, taxes, depreciation and amortization, to $876.9 million. Sales rose 12 percent to $2.71...

Full article: http://www.bloomberg.com/news/2012-11-01/las-vegas-sands-...

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