Thursday, May 6, 2010 | 2:50 p.m.
Las Vegas Sands said stronger casino revenue and efficiency initiatives across its properties helped to narrow its loss during the first quarter of 2010.
The Las Vegas-based gaming operator reported a net loss of $28.9 million, or 4 cents per share, in the first quarter of 2010, compared to a loss of $80.9 million, or 12 cents per share, during the same period of 2009.
Sands said net revenue for the first quarter was a record $1.33 billion, an increase of 23.7 percent from $1.08 billion in the first quarter of 2009. The company said figures from Marina Bay Sands in Singapore, which opened April 27, were not included.
Sands Las Vegas operations generated earnings before interest, taxes, depreciation and amortization of $105.3 million during the first quarter of 2010, an increase of 17.3 percent from $89.8 million in the first quarter of 2009. The company said both the Venetian and the Palazzo saw strong gaming revenue and improved group booking volumes during the quarter.
Occupancy at the Venetian increased slightly to 89.3 percent from 89.1 percent during the year-over-year period, while room rates fell to $202 from $209. Occupancy at the Palazzo increased to 94 percent from 92.7 percent. Room rates at the Palazzo fell to $214 from $221.
Casino revenue at the two Las Vegas properties increased by 19.6 percent to $155.3 million from $129.8 during the year-over-year period.
Profits for Sands China operations increased by 49 percent to $254.4 million in the first quarter of 2010, compared to $170.5 million in the first quarter of 2009. Revenue increased by 24 percent to $945.8 million. The company owns three properties in Macau.
At Sands Bethlehem in Pennsylvania, the property generated EBITDA of $11 million, the highest total since the opening last year, the company said.