Update | Macau unit powers jump in Sands profit
Income more than doubled and casino firm expects strong growth to continue
Las Vegas Sands' success continued in Macau, helping it more than double its net income in the second quarter. But growth was tepid in Las Vegas, and Wall Street expected stronger results overall.
Revenue rose 40 per cent at Sands China, the company's Macau division, while profit more than tripled.
Known for its high-roller gamblers and a growing base of middle-class Chinese visitors, Macau is the world's largest gaming market and the only place in China where casino gambling is legal.
Chief executive Sheldon Adelson on Wednesday brushed off concerns that the Macau juggernaut might one day peter out as economic growth slows in China.
"Consumer behaviour is going in the right direction, as far as we're concerned. We have more people coming in spending more money," Adelson said.
Revenue at Sands' flagship Asian casino, Venetian Macao, rose 38 per cent, helped by a 43 per cent growth in gaming revenue. Spring and summer visitors to Sands' five Macau properties grew 40 per cent from a year ago.
But revenue per available room (revpar), a key industry measure, fell 1 per cent at the Venetian Macao from a year ago.