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Howard Stutz

Las Vegas Sands narrows second quarter net loss

28 July 2010

LAS VEGAS, Nevada -- Booming business in Macau helped Las Vegas Sands Corp. shrink its second quarter net loss, the casino operator said this morning.

For the three months that ended June 30, Las Vegas Sands said it lost $4.7 million, or 1 cent per share. A year ago, the company lost $222.2 million, or 34 cents per share. Analysts polled by FactSet Research thought Las Vegas Sands would earn 9 cents per share in the quarter.

Companywide revenues grew 51 percent to $1.59 billion, helped by results from its three resorts in Macau.

Las Vegas Sands said revenues produced by the Venetian Macau, Sands Macau and Four Seasons Macau increased 40.7 percent to $1.04 billion in the quarter, compared to $738.9 million in the second quarter of 2009.

Meanwhile, at the company's $5.7 billion Marina Bay Sands in Singapore, which opened April 27th, generated $94.5 million in cash flow in its first 65 days.

"Both gaming volumes and visitation to the property have been robust and we are gratified by the overwhelming reception the property has received," Las Vegas Sands Chairman and Chief Executive Officer Sheldon Adelson said in a statement.

JP Morgan gaming analyst Joe Greff said the initial numbers from the Marina Bay Sands were impressive. Singapore has only two casinos.

"These are pretty strong results for a property that was only open 65 days in the quarter, without a lot of non-gaming amenities to support gamers and reflective of an attractive duopolistic market located in a financial hub in Asia with a low gaming tax rate," Greff told investors.

On the Strip, Las Vegas Sands said its net revenues declined 5.4 percent to $276.2 million during the second quarter. The Venetian and Palazzo resorts reported increased gaming volumes, improved group booking volumes and improved hotel occupancy during the three-month period. However, results were negatively impacted by low table games win percentage.