ands' net revenue was us$ 1.33 billion, a figure it called a record high, compared with us$ 1.08 billion in last year's first quarter. Adelson told investors on a conference call Thursday that the effort begun last year to fix the company's structure and lower costs is almost complete. "The results of those efforts are now clear," he said.
Sands said it had us$ 3.93 billion in unrestricted cash and short-term investments. It said its total debt as of March 31 was us$ 10.46 billion, with us$ 131.3 million due this year. Another us$ 1.35 billion is due next year.
Sands said its quarterly revenue in the Chinese gambling enclave of Macau rose 24.2 % to us$ 945.8 million. The company owns four properties there that include casinos, hotel rooms and apartments, and is building a 6,400-room complex in the destination's Cotai area. "We stand today at the beginning of our next major phase of growth," Adelson said.
The company last month opened the its newest resort in Singapore. The us$ 5.7 billion Marina Bay Sands is the second most expensive casino development in the world behind the us$ 8.5 billion CityCenter complex in Las Vegas, which is owned jointly by MGM Mirage and an arm of the Dubai government. Adelson said the Singapore casino is attracting high-rolling gamblers from unexpected places, including Singapore, Indonesia and Malaysia.
Excluding one-time items, the company's net income was us$ 53.5 million, or 7 cents per share, compared with us$ 8.9 million, 1 cent per share, last year. Analysts polled by Thomson Reuters expected Sands to earn 2 cents per share on revenue of us$ 1.31 billion.
The company said its net income for its Chinese operations increased to us$ 113.3 million, compared with us$ 36.9 million during the first part of 2009. Gambling revenue of $1.06 billion made up nearly three-quarters of Sands' total revenue before promotional allowances.
Sands said its total room and food and beverage revenue rose, but its convention and retail business fell from the first quarter of 2009. The company said it lost us$ 4.4 million on its Macau ferry operation, paid us$ 37.5 million in pre-opening expenses, and recorded us$ 153.1 million in depreciation and amortization expenses for the quarter.
In Las Vegas, where the gambling market is struggling, Sands said its Venetian resort was 89.3 % full at us$ 202 per night, while room and occupancy rates were higher at the company's Palazzo resort. "We got a ways to go in Las Vegas, but I'm more optimistic than I've been the last six months," said Rob Goldstein, Sands executive vice president and president of the Venetian and Palazzo.
Goldstein said he thought conditions would get better in Las Vegas as convention business improves. Conventioneers pay higher rates for rooms, especially midweek, and typically produce more revenue than tourists.
Sands said its us$ 67.2 million in revenue at the Sands Bethlehem in Pennsylvania was a record for the property that opened last year. The company said it expects to add 89 gaming tables to the casino by the third quarter and open a 300-room hotel tower in May next year.