Macau properties offset fourth quarter loss for Las Vegas Sands
Las Vegas Sands Corp said this week that soaring gambling revenue at its Macau operations helped reduce its losses in the fourth quarter of last year. While its US casinos lost ground, Sands' properties in the Asian gambling hub hit the jackpot, accounting for nearly three quarters of the US company's total sales.
Hong Kong and mainland Chinese punters continued to boost revenues in the former Portuguese colony to record levels. The US gaming giant posted a quarterly loss of us$ 113.9 million, down 16.5 % from a us$ 136.5 million loss a year earlier, while revenues climbed 17.5 % to us$ 1.28 billion over the same period.
The jump was led by the Venetian Macao, which almost doubled its operating profit to us$ 119.7 million in the fourth quarter of 2009, from US$61.3 million a year earlier, the company said. Revenue at the sprawling 3,000-room casino resort climbed about 21 % to us$ 570 million in the fourth quarter of 2009, even as hotel room and food and beverage sales fell, it said.
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