Macau Earnings Help Vegas SandsPublished May 15, 2010 by OCR Editor
Revenue was well up at company's two Macau casinos and in Las Vegas.
Las Vegas Sands Corp., the multi-national casino operator headed by Sheldon Adelson, reported a strong first quarter to 2010 on the back of rising gambling revenue in Macau.
The company reported a net loss of only $28.9 million for the quarter, a stark improvement on the $80.9 million loss registered in the corresponding quarter 12 months earlier.
The main factor in the resurgence was the rising revenue at the company's two Macau casinos - operating income at the Venetian Macau resort rose around 70 percent to $113.9 million, while operating income at the Sands Macau was up 60 percent to $58.5 million.
In Las Vegas, where things have taken a little longer to recover from the global financial crisis, operating income rose 62 percent to $41.3 million.
The company's overall net revenue for the first quarter was up 23.7 percent to $1.33 billion.
Las Vegas Sands recently launched its preview opening of its new Singapore casino, the Marina Bay Sands. In addition, it has begun construction on two more complexes in Macau that are scheduled to open in 2011, in a bid to reinforce its already strong position in the Asian market.