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Changes Hurt Sands Q2 Results

"The casino recorded cash flow of $4.5 million, down 34 percent, on net revenue of $49.6 million, down 13 percent.

"At the bottom line, Sands lost $1.2 million, or 12 cents per share, compared to net income of $837,000, or 8 cents per share, a year earlier.

"…Sands President, Herbert Wolfe's biggest move came in April, when he decided to junk more than half of Sands' table games in favor of higher-profit slots. Table-games revenue declined 51 percent during the quarter, to $9.1 million, while slot revenue stayed even at $42.4 million.

"…`Considerable disruption' to the casino floor during the changeover hurt revenue, GB Holdings said in its report to the Securities and Exchange Commission.

"…Sands said it is has undertaken new marketing programs, which include reducing coin incentives for some gamblers.

"…Although Sands has yet to show improved results since Icahn acquired the casino out of bankruptcy protection nearly two years ago, it had $55.3 million in cash on hand as of June 30, GB Holdings said."

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