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Las Vegas Sands profit down 1%, earns US$349.8 mil. in 3rd quarter

LAS VEGAS -- Las Vegas Sands Corp. said its net income fell 1 percent as it took less money from gamblers and paid to start up a new casino in Macau.

The company said on Thursday that it earned US$349.8 million, or 42 cents per share, for the third quarter. During the same period last year it earned US$353.6 million, or 44 cents per share.

It said its adjusted profit would have been 46 cents per share. But that was still well below the 60 cents per share expected by analysts surveyed by FactSet.

Revenue rose 12.5 percent to US$2.71 billion, when analysts expected US$2.89 billion.

In Macau, the Chinese gambling enclave where Sands earns most of it money, net income rose 17 percent to US$326.7 million.

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