Sands China’s new Macau casino resort helps profits jump 52pct

     

    Sands China Ltd (1928:HK) posted a 52 percent jump in fourth-quarter profit, due mainly to strong performance of its Cotai project, Sands Cotai Central.  The bridge connecting Sands Cotai Central and Plaza was completed at the end of 2012, significantly boosting retail sales in both properties.  Net income for the Hong Kong-listed unit of Las Vegas Sands Corp. (LVS) rose to USD $467 million from $306.7 million a year ago. Net revenue also rose by 48 percent to $1.97 billion for the last quarter of 2012.  Higher margin non-gaming revenue grew strongly by 29% qoq, which helped group margin.  Next on the agenda is Sands China’s fifth resort in which it plans to invest $2.8 billion.  The Parisian is scheduled to begin construction in the second quarter and will have a replica of the Eiffel Tower, 3,000 hotel rooms and other family-oriented facilities to attract middle-class gamblers from China.