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Las Vegas Sands logs 7% rise in Q4'16 net revenue

Las Vegas Sands Corp. reported an 8.5% increase in EPS to 64 cents for the fourth quarter of 2016, primarily due to $64 million of other income related to foreign exchange gains and changes in the value of forward currency contracts.

The S&P Capital IQ consensus estimate for the quarter was 63 cents.

Net income attributable to the company was up 9.2% to $509 million. Operating income was down 4.7% to $669 million on higher depreciation and amortization expenses in addition to asset impairment charges.

Net revenue reached $3.08 billion, a 7.4% year-over-year increase.

The company raised its dividend to $2.92 per share for 2017, or 73 cents per share per quarter.

Adjusted property EBITDA totaled $1.12 billion for the fourth quarter, up slightly from $1.05 billion a year earlier.

Chairman and CEO Sheldon Adelson said in an earnings release that the company's Macau operations saw 16% growth in the mass gaming segment. "The Macau market overall continued its recovery in the fourth quarter, while our Macau portfolio generated visitation growth of 23% and higher hotel occupancy rates," he said. The company opened The Parisian Macao in September 2016.