Las Vegas Sands reports growth

The casino giant released its fourth quarter financial results.

US.- Las Vegas Sands announced a 7.4 percent growth to US$3 billion in the fourth quarter of 2016, up from the US$2.86 billion reported during the same period the previous year. Net income also experienced a 5.6 percent increase to US$607 million.

Sheldon Adelson, Las Vegas Sands Chairman and CEO, said: “We are pleased to have delivered a solid operating performance in each of our markets, which enabled us to generate $1.12bn in adjusted property EBITDA for the quarter, an increase of 6.1% compared to the fourth quarter of 2015.” Las Vegas Sands’ net income also increased 9.2 percent to US$509 million, up from the US$466 million registered in 2015.

Earlier this week, it was announced that Las Vegas Sands Corp. pleaded guilty and paid a fine of US$6.95 million due to US Department of Justice (DOJ) investigation on the casino company’s financial books. The gaming brand failed to clarify the transactions made to China’s consultants in relation to Sands properties in the Asian country. According to the investigation, during Las Vegas Sands Corps’ activities from 2006 to 2009 several payments of US$5.8 million in fee were set to Chinese consultants, although operators were not able to explain them under “any discernible legitimate business purpose.”