Skift Take
Sands CEO says the company has no projects planned for the oversaturated U.S. market and will in turn focus on its rising stars in Macau, which bypassed Vegas to become the gaming capital of the world this year.
Las Vegas Sands Corp., the casino company led by billionaire Sheldon Adelson, rose as much as 6.6 percent after posting faster-than-expected growth in Macau.
Las Vegas Sands climbed 7.2 percent to $55.25 at the close in New York, the biggest gain since October. The company reported yesterday that fourth-quarter revenue in Macau rose 48 percent to $1.97 billion.
“They continue to outperform the market in China,” said Chad Mollman, a Morningstar Inc. analyst who recommends the stock. “Their new Sands Cotai Central is taking market share from casinos on the Macau peninsula, which is driving the outperformance.”
A pickup in gambling in Macau, the company’s largest mar
