Casinos – Sands slowly returning to profitability
Las Vegas Sands Corp. announced Tuesday that second-quarter revenue has jumped 51 percent thanks in large part to booming business in China and a new casino in Singapore.
The increasing presence and popularity of casinos and gambling in general in Asia decrease the casino developer and operator’s quarterly loss, the company said Tuesday.
For the three months that ended June 30, the company reported a loss to common shareholders of $4.7 million, or a penny per share. That’s far better than last year’s loss of $222.2 million, or 34 cents per share.
Among Las Vegas properties owned and operated by the Sands are the Venetian and Palazzo casinos. Sands also has casinos in the Chinese gambling enclave of Macau, in Singapore, and in Bethlehem, Pa.
But in a telling sign, nearly 80 percent of its revenue came from Asian business. Its revenue rose to $1.59 billion from $1.06 billion a year earlier.
“Our operations are in outstanding shape, and we are making positive additions to our management team,” said Sheldon Adelson, Sands’ billionaire chief executive, who is the company’s largest shareholder. “We’ve also reduced our debt levels. and our balance sheet has nearly $4 billion of cash. But who’s counting?”
Analyst Joseph Greff of J.P. Morgan said the company’s performance beat very high expectations and was especially strong in Singapore, where the Marina Bay Sands casino opened in April. Sands reported $216.4 million in revenue there, including $190.8 million from gambling.?