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Las Vegas Sands earnings rise 3.3%

February 06, 2007|From the Associated Press

Las Vegas Sands Corp., the casino company run by billionaire Sheldon Adelson, said Monday that its fourth-quarter profit climbed 3.3% from a year earlier on increased revenue in Macao and Las Vegas.

However, its share price fell after the company acknowledged much of the benefit came because it was more lucky than normal at table games for high rollers at the Venetian hotel-casino in Las Vegas.

The company earned $113.6 million, or 32 cents a share, for the three months ended Dec. 31, compared with $110.1 million, or 31 cents, a year earlier.

Revenue in the quarter increased to $636.3 million, up 27.1% from $500.7 million a year earlier.

Adjusted earnings per share came in at 37 cents, beating the expectation of analysts surveyed by Thomson Financial of 31 cents on revenue of $563.8 million.

Shares in Las Vegas Sands rose 84 cents to $104.09 before the results were announced. In after-hours trading, the shares fell $2.09 to $102.

Revenue at the Sands Macao hotel-casino climbed 27.2% from a year earlier to a record $345.9 million. Revenue at the Venetian increased 26.9% to $290.4 million.

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