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.
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
Related News:
E-mail:
news@ogpaper.com
