Resort’s results continue to improve

Thursday, Feb. 17, 2000 | 10:32 a.m.

Las Vegas Sands Inc., owner and operator of the Venetian hotel-casino on the Las Vegas Strip, reported a 61 percent jump in cash flow from the third to the fourth quarter of 1999, though the resort continued operating at a loss.

The company posted cash flow of $33.9 million in the quarter ending Dec. 31, up from $21.1 million in the third quarter. Revenues grew more modestly, increasing 13 percent to $125.3 million.

The resort posted a loss of $6.8 million; however, this was a $11.4 million improvement over the loss posted in the third quarter. Room occupancy fell from 90 percent in the third quarter to 83 percent in the fourth quarter, but average daily rates rose 21 percent to $176.

The Venetian posted casino revenues of $57 million, an 8 percent increase over the third quarter, while non-casino revenues rose 17 percent to $68.3 million.

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