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Las Vegas Sands casino posts low fourth-quarter net income

Las Vegas Sands casino posted 65% plunge in the Q4 net income, due to new development.

Las Vegas Sands casino posts low fourth-quarter net income The world's largest casino company by market value, Las Vegas Sands Corp., said net income dropped 65%  to $39.9 million in the fourth quarter, mostly due to expansion in Las Vegas and Macau. Low gambling profit at the Venetian Macao also contributed significantly to the low Q4 numbers. Excluding items, the company reported fQ4 earnings of 20 cents per share, compared with 37 cents per share a year earlier, while the revenue rose to $1.05 billion from $636.3 million. The report fell short of the $1.1 billion in revenue expected by most analysts.

 Las Vegas Sands opened the Venetian Macau Casino in August, added the Palazzo Las Vegas in January and is spending $15 billion on additional properties in Macau, Singapore and Pennsylvania. The Venetian Macao generated $500.4 million in revenue in the fourth quarter, its first full quarter of operation.

 Published on 02/05/2008

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