Sands China profit up by 6 percent

Sands China Ltd reported a net income of US$277.4 million (MOP2.2 billion) on a U.S. GAAP basis for the first quarter of 2012. That was up 5.8 percent year-on-year. The gaming operator reported a 20.5 percent increase in earnings before interest, taxes, depreciation and amortization, or EBITDA, to US$450.6 million. According to Deutsche Bank, the results were below market expectations. Sands China’s first-quarter net revenue rose 25 percent to US$1.45 billion, according to a statement from parent company Las Vegas Sands Corp. Commenting on the results, Sands China’s chairman Sheldon Adelson said “our business in Macau has never been in a stronger position — our mass business is growing, our VIP efforts are working, and our non-gaming revenue — the backbone of the integrated resort model — also increased significantly.” Mr Adelson also highlighted the opening of Sands Cotai Central on April 11. “As it ramps up, Cotai Central will add to the critical mass (rooms, retail, MICE) visiting the Cotai Strip, making it an international leisure, business, and convention destination.”