Las Vegas Sands fourth quarter revenue up 96%

11.03.2005, Lesen Sie hier den Bericht über «Las Vegas Sands fourth quarter revenue up 96%».

Helped by strong performance of the Sands Macau

(US).- Las Vegas Sands Corp. saw its revenue rise 96 percent in the fourth quarter, powering the casino operator to strong earnings growth. In its first quarterly results as a publicly held company, it posted net income of us$ 69.26 million up from us$ 7.68 million, earned in the final three months of 2003.


Growth in the fourth quarter reflects a strong gaming revenues at the Sands Macau.

Quarterly revenue reached us$ 366.71 million from the prior year´s us$ 186.78 million. Growth in the fourth quarter "reflects a continuation from the third quarter of strong gaming revenues at the Sands Macao and continuing growth in our convention-based room business in Las Vegas," said William Weidner, president and chief operating officer, in a statement.

The company operates the Venetian hotel and casino as well as a convention center in Las Vegas and is building a us$ 1.6 billion property called the Palazzo on the Strip next to the Venetian.

The high-end Venetian has been a big hit, operating at an occupancy rate of 97 percent during 2004, up from 96 percent in 2003, with average daily room rates increasing 8 percent, to us$ 220.

In China, the company opened the Sands Macao Casino last May and is expanding there with what will be a us$ 1.8 billion property to be called the Venetian.

Las Vegas Sands also has set its sights on Singapore, having recently submitted a proposal for a mixed-use gaming, convention and entertainment development. Singapore´s government is expected to decide by April 15 on whether to move ahead with gaming legislation or not, the company said.

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