Casino operator Las Vegas Sands Corp said on Wednesday that it lost money in the fourth quarter on expenses to open its Singapore resort and charges to write down the value of properties in Macau and Pennsylvania.
The company, led by billionaire Sheldon Adelson, saw improvements in its gambling business in Macau but no sign of a rebound in the Las Vegas market, which has been battered by the recession and high unemployment.
Growth fell in Macau with the onset of the economic crisis, but has since recovered because of a robust Chinese economy and relaxed visa restrictions on Chinese tourists. Macau has surpassed the Las Vegas Strip as the world’s most lucrative gambling market.
The loss of US$113.9 million, or US$0.17 per share, compares with a loss of US$136.5 million, or US$0.27 per share, during the same quarter a year ago.
Excluding the one-time costs, adjusted net income was US$20.9 million, US$0.03 per share.
Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, expected Sands to earn US$0.03 per share on revenue of US$1.23 billion.
Sands said it lost US$540 million for all of last year, compared with US$188.8 million in 2008.
The Las Vegas-based company said it had US$1.88 billion in revenue in the fourth quarter and US$4.56 billion for all of last year, compared with US$1.09 billion in the fourth quarter one year ago and US$4.39 billion for all of 2008.
Sands owns the Venetian Macao, Sands Macao, Four Seasons Hotel Macao and Plaza Casino in Macau, and the Venetian and Palazzo casino resorts in Las Vegas.
Its fourth-quarter revenue at three casinos in Macau was US$952.8 million, compared with just US$263.7 million from its Las Vegas operations. Las Vegas Sands said it had an operating loss of US$15.7 million at its Venetian Las Vegas and Palazzo Las Vegas casino-resorts.
Adelson said record revenues in Macau were helped by strong gambling revenue and cost cuts implemented last year.
Company officials said its Marina Bay Sands resort in Singapore would open in late April. Adelson told investors in a conference call that an opening date would be announced next week.
Sands said it spent US$42.1 million on pre-opening expenses in the fourth quarter, primarily on the Singapore resort. It reported US$154.5 million in depreciation and amortization expenses for the quarter.
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