LAS VEGAS, NV -- (Marketwired) -- 05/01/13 -- Las Vegas Sands Corp. (NYSE: LVS)
For the quarter ended March 31, 2013 compared to the quarter ended March 31, 2012:
•Net Revenue Increased 19.5% to a Record $3.30 Billion
•Consolidated Hold-Adjusted Adjusted Property EBITDA Increased 28.2% to a Record $1.19 Billion (Consolidated Adjusted Property EBITDA Increased 9.4% to a Record $1.17 Billion)
•Record Gaming Volumes in Macao Drove Hold-Adjusted Adjusted Property EBITDA in Macao Up 51.2% to Record $630.2 Million (Macao Adjusted Property EBITDA was up 38.1% to a Record $630.2 Million)
•Hold-Adjusted Adjusted Net Income Attributable to Las Vegas Sands Rose 30.8% to Reach $596.6 Million (Net Income Attributable to Las Vegas Sands Rose 14.6% to Reach $572.0 Million)
•Hold-Adjusted Adjusted Earnings per Diluted Share Increased 28.6% to $0.72 (Adjusted Earnings per diluted share was $0.71)
•The Company Paid a Recurring Quarterly Dividend of $0.35 per share, an Increase of 40% over the First Quarter of 2012
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended March 31, 2013.
First Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report all-time record quarterly financial results that reflect strong revenue and cash flow growth and the steady execution of our global growth strategy.
"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We welcomed a record fourteen million visits to our Cotai Strip properties during the quarter, and delivered a record $630.2 million of adjusted property EBITDA from our Macao property portfolio. We remain confident that our market-leading Cotai Strip properties, The Venetian Macao, Four Seasons Hotel Macao and Plaza Casino, and Sands Cotai Central, with their unrivaled hotel inventory of nearly 9,000 rooms and suites, including the world's largest Sheraton, Conrad and Holiday Inn, and 28 million square feet of interconnected Integrated Resort capacity, will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travelers and provide an outstanding platform for growth in the years ahead.
"We also delivered strong financial results in Singapore, with meaningful growth in gaming and non-gaming revenues contributing to a record financial performance. Rolling Chip volume increased 42.2% to reach a property record $18.21 billion, while Hold-Adjusted Adjusted Property EBITDA increased 15.7% to reach a record $451.1 million.
"The prudent management of our cash flow, including the ability to both invest in future growth and to increase the return of capital to our shareholders, remains a cornerstone of our strategy. The company paid a recurring quarterly dividend of $0.35 per common share during the quarter, an increase of 40% compared to the first quarter of 2012."
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