Shares of Las Vegas Sands (LVS) jumped 7% Friday morning, a day after the casino operator surprised Wall Street by reporting a non-GAAP quarterly profit.
Las Vegas Sands also received the green light from Hong Kong regulators to go ahead with an initial public offering of its Macau assets, Dow Jones Newswires reported. The company is seeking up to $2 billion in financing ahead of the IPO.
The owner of the Venetian and Palazzo casinos in Las Vegas reported a third-quarter loss of 19 cents a share after Thursday’s close. However, Las Vegas Sands’ adjusted-profit of 3 cents per share beat the Street’s view of a loss of 1 cent.
Sheldon Adelson’s company also said its revenue rose 3.2% to $1.14 billion, barely missing analysts’ projections for revenue of $1.17 billion.
Shareholders appeared to be overlooking the top-line miss as they bid Las Vegas Sands’ stock up by $1.20 to $15.95 shortly after Friday’s opening bell. The company’s stock has surged since plummeting to $1.38 in March.
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