The Las Vegas Sands Corp. says net income fell 1 percent as it took less money from gamblers and paid to start up a new casino in Macau.
The company earned $349.8 million, or 42 cents per share, for the quarter. During the same period last year it earned $353.6 million, or 44 cents per share.
It says its adjusted profit would have been 46 cents per share. But that was still well below the 60 cents per share expected by analysts surveyed by FactSet.
Revenue rose 12.5 percent to $2.71 billion, when analysts expected $2.89 billion.
"Looking ahead, we remain confident that our soon-to-be-interconnected Cotai Strip properties – the Venetian Macao, Four Seasons Macao and Plaza Casino and Sands Cotai Central with 28 million square feet of integrated resort capacity – will provide an outstanding platform for growth in Macao in the years ahead," Chairman and CEO Sheldon Adelson said.