Casino operator Las Vegas Sands (NYSE: LVS) announced that first-quarter adjusted profit totaled a penny per share, thanks to cost reductions and more Macau visitors. These results excluded some items, and topped the consensus estimate for a loss of roughly 2.5 cents per share.

LVS announced that its "fundamentals are getting better," with improving gaming revenue and tourism classified as "OK." The company also hopes that some visa restrictions may be removed, which could help its efforts to start a rally.

LVS has lowered its worker hours and cut jobs in order to cut costs and avoid potential defaults. The company also stopped a condominium development in Vegas and halted construction in Macau to help withstand the recession.

While gaming money flows toward exotic locations such as Macau, domestic gambling companies continue to turn up winning cards. Ameristar (NASDAQ:ASCA), the American casino company based in Las Vegas with casinos throughout the Midwest, reported Friday a strong fourth quarter, culminating the most prosperous year in the company's history. EBITDA for the quarter finished at 6.4%, or $66.1 million, with net earnings of $17.8 million. Earning per share of $0.31 exceeded market expectations of $0.25.

This performance is especially impressive in light of the death in November of founder and chairman Craig Neilsen. Also, the 2005 same-quarter report, against which this year's was compared, was heavily skewed by a windfall from gamblers fleeing the destruction of Hurricane Katrina to Ameristar's casino inland at Vicksburg, MS. With the rebuilding of coastline casinos, the Vicksburg location's take has returned to more typical levels.

On the heels of Neilsen's passing, some have wondered if the company would be put up for sale. New CEO John Boushy stated late last week that the company is not for sale, and that it intends to double their EBITDA within the next three to five years. Key to this ambition is expansion of operations in Black Hawk, Co., St. Charles, MO., and Vicksburg, MS.

Some analysts are concerned about the increased competition the company will face in the St. Louis market, as several competing casinos approach completion. Stifel Nicholaus & Co., for example, continues to keep Ameristar at a hold, although it has raised its projection of 2007 Ameristar earnings per share from $1.38 to $1.45.

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