Bad luck at tables hurt earnings, exec says

Friday, Oct. 6, 2000 | 11:17 a.m.

The Venetian resort on the Las Vegas Strip recorded substantially improved results in table game drop, slot machine win and hotel occupancy during the third quarter, though a lower hold percentage hurt the property's earnings.

Speaking at a high-yield debt conference in Phoenix, Las Vegas Sands Inc. President William Weidner said table game play at the Venetian was $294 million during the third quarter, a 62 percent increase over the year-ago period.

Over the last 12 months, the Venetian won $220 million at its tables, with baccarat accounting for a "substantial portion of total table win."

However, Weidner said that a lower-than-normal table games win percentage will reduce earnings by $4 million to $6 million. Total expected earnings were not given.

In addition, Weidner said slot machine win per day rose 34 percent to $141 per machine. Room occupancy reached 96 percent, up from 90 percent, at an average daily rate of $169. During the year-ago period, the average daily rate was $145.

Construction on the Venetian was still continuing during the third quarter of 1999, and was not completed until November.

Las Vegas Sands is the parent company of the Venetian.