Income increases more than ten fold for casino owner and operator
Thursday 12th August 2004
More second quarter financial results are being released- the latest being from Las Vegas Sands Inc. The casino operator has recorded extraordinary increases of 72% for the quarter, in terms of its property values. In terms of income the increase has been even more staggering with revenue figures climbing from US$42.5 million in the second quarter of 2003, to US$493.2 million for the second quarter this year.
Primary factors in the growth include a US$419.9 million profit that the company made when it sold its Grand Canal Shops in May, and the opening of a new tower of rooms at the Venetian casino at the end of the second quarter last year. Recently Las Vegas Sands has just opened a site in Macao, the Chinese province, which will have also contributed to these figures.
President and Chief Operating Officer for the company, William P Weidner, explained the results: “During the second quarter of 2004 we sold the Grand Canal Shops mall and leased certain other retail and restaurant venues in the Venetian to General Growth Properties Inc. for an aggregate of $766.0 million in cash. After re-payment of the $120.0 million mall debt and taxes associated with the sale, we plan to use the remaining funds for our Phase II Resort”. Of the developments in Macao he added: “Macao is one of the world's largest and fastest growing gaming markets and we are progressing with the design and commenced site work on a new 3,000-room destination resort in Macao ('The Venetian Macao') to further serve this market.'
