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05 February
2008 Las Vegas
Sands Reports Fourth Quarter Results Las Vegas Sands
has reported financial results for the quarter
ended December 31, 2007. Net revenue for
the fourth quarter of 2007 increased 64.8% to a
record $1.05 billion, compared to $636.3 million in
the fourth quarter of 2006. Consolidated adjusted
property EBITDAR in the fourth quarter of 2007 came
in at a record $296.3 million, an increase of
21.3%, compared to $244.3 million in the year-ago
quarter. On a GAAP (Generally Accepted Accounting
Principles) basis, operating income was $133.6
million versus operating income of $166.3 million
in the fourth quarter of 2006. The decrease in
operating income of $32.8 million was driven
principally by increases in operating costs as we
expand our infrastructure to execute our global
growth plans, as well as an increase of $46.7
million in depreciation and amortization expense,
and an increase of $19.5 million in pre-opening
expense related to our preparations for the opening
of The Palazzo, which opened on December 30th, and
other properties to be opened in the future in
Macao, Singapore, and the United States. Adjusted net
income (excluding loss on disposal of assets,
pre-opening expense, and development expense) was
$71.1 million, or adjusted earnings per diluted
share of $0.20, compared to $132.9 million, or
adjusted earnings per diluted share of $0.37, in
the fourth quarter of 2006. The decrease in
adjusted net income of $61.7 million was driven
principally by the increased operating costs
mentioned above and pretax increases in
depreciation and amortization expense of $46.7
million and net interest expense of $46.1 million.
On a GAAP basis, net income in the fourth quarter
of 2007 was $39.9 million, or $0.11 per diluted
share, compared to net income of $113.6 million, or
$0.32 per diluted share, in the fourth quarter of
2006. The decrease in GAAP net income of $73.8
million was principally driven by the increases in
operating costs, pre-opening expense, depreciation
and amortization expense, and net interest expense
mentioned above. Full-year 2007
net revenue increased 31.9% to $2.95 billion
compared to $2.24 billion in 2006. Adjusted net
income was $309.5 million in 2007, while adjusted
earnings per diluted share was $0.87. This compares
to adjusted net income of $506.1 million, or
adjusted earnings per diluted share of $1.42 in
2006. The decrease in adjusted net income of $196.6
million was driven principally by the full-year
impact of the increased operating costs related to
the execution of our global growth plans mentioned
above and full-year pretax increases in
depreciation and amortization expense of $91.8
million, and net interest expense of $102.7
million. On a GAAP basis, net income was $116.7
million or $0.33 per diluted share in 2007. This
compares to $442.0 million or $1.24 per diluted
share in 2006. The decrease in GAAP net income of
$325.3 million was principally driven by the
full-year impact of the increases in operating
costs, pre-opening expense, depreciation and
amortization expense, and net interest expense
mentioned above. William P.
Weidner, president and COO stated, "We are pleased
with our fourth quarter operating results, which
reflect the steady execution of our global growth
strategy. In Asia, our efforts to transform Macao
into Asia's premier business and leisure
destination continue to bear fruit. The strong
visitation to the Cotai Strip's anchor property,
The Venetian Macao, and the strong performance of
the property's hotel, entertainment, retail, gaming
and group meeting businesses, reflect that we are
delivering on the fundamental goal and commitment
we share with the people of Macao, Hong Kong and
all of Southern China -- the transformation of
Macao into Asia's premier business and leisure
destination. We remain confident, and our operating
results confirm, that the execution of our
development strategy for the Cotai Strip will
deliver tremendous economic benefits to Macao and
the entire region, as well as industry-leading
returns to our shareholders. In Las Vegas, we
opened The Palazzo, completing our master-plan of
the largest integrated destination resort in the
world and setting the stage for strong growth and
industry-leading returns in the Las Vegas market
for years to come." |
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