Las Vegas Sands Corp. saw record first-quarter earnings, the company announced today.
The company reported adjusted earnings of $1.5 billion, a 31 percent increase over the same quarter last year.
Las Vegas Sands revenue rose 16.7 percent to $3.58 billion, compared to $3.07 billion in the first quarter of 2017.
Net income jumped 179.1 percent to $1.62 billion in the first quarter, compared to $579 million during the same quarter last year. The number includes a nonrecurring, noncash income tax benefit of $670 million.
Properties in Las Vegas, where Sands operates the Venetian and Palazzo, saw record quarterly adjusted property earnings of $141 million, an increase of 15.6 percent over the same quarter last year.
“We achieved record hotel room revenues underpinned by group room revenues and stronger baccarat play,” said Sheldon Adelson, chief executive officer of Las Vegas Sands Corp.
Room occupancy company-wide was 94 percent, tying the quarterly record set in the fourth quarter of 2017, Adelson said.
The company’s adjusted property earnings in Macao increased 26 percent over the same quarter last year to $789 million.