Las Vegas Sands
The Las Vegas Sands, owners of multiple resort and casinos around the world reported a staggering quarterly report. The report says that the companies China resort increased profits by about 35%. Each one of their shares increased by 14 cents for a total increase of $114.7 million.
Gaming company Las Vegas Sands (LVS) reported both its quarterly and annual results Wednesday afternoon; the firm had massive profits, thanks to strength from its casinos in Macau. The company earned $434.8 million, or 53 cents per share for the quarter, up from $320.1 million, or 39 cents per share, in the same period last year. Fourth quarter net income jumped 35%. Sands China, the company’s Macau division, saw its quarterly profits jump 52% and revenues jump 48%.
After a relatively tough year in 2012 when Asian economies slowed, the company’s recent performance in Macau is indicative of a rebounding Chinese consumer as the Mainland economy (FXI) continues to strengthen. As we’ve noted here at Emerging Money, casino stocks are well poised to take advantage of Chinese consumers with discretionary income.