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November 10, 2009

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Strip megaresort posting good quarterly numbers

Friday, Jan. 10, 2003 | 11:17 a.m.

The parent company of The Venetian hotel-casino on the Las Vegas Strip is projecting improved earnings for its fourth quarter.

Las Vegas Sands Inc. said Thursday it expects to report cash flow -- adjusted earnings before interest, income taxes, depreciation, amortization and rental expenses -- of $55 million to $59 million for the fourth quarter. The company reported fourth quarter 2001 cash flow of $42.2 million. Business was weak in the 2001 fourth quarter because of the terrorism Sept. 11.

Part of the improvement can be attributed to higher room rates. The company said the average room rate for the quarter ending Dec. 31 was $200 while during the same period in 2001 it was $168.

The company also announced Thursday at the American Gaming Summit that hotel occupancy for the entire year was 95.6 percent. That compares with the fourth quarter occupancy rate in 2001 of 95.2 percent.

The company also said that for 2002, The Venetian's win percentage on table games, calculated before discounts, was 21.4 percent.

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