Las Vegas Sands (NYSE: LVS) reported Wednesday that the casino operator posted a narrower loss in its fiscal fourth quarter, citing a recovery in Macau properties and an increase in Vegas gambling, according to Associated Press.
The loss was primarily due to writedowns of the value of its properties in Macau and Pennsylvania and expenses caused by the April opening of its Singapore resort. Excluding those items, Sands was barely broke even after an operating loss last year.
Xplosive Stocks, an online financial publication, provides investors timely stock market information.
Sign Up Today for our Free Stock Newsletter
The fourth-quarter loss of $113.9 million, or 17 cents per share, compares with a loss of $136.5 million, or 27 cents per share, during the same quarter a year ago. Excluding the one-time costs, adjusted net income was $20.9 million, 3 cents per share.
Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, expected Sands to earn 3 cents per share on revenue of $1.23 billion.
Sands, which is owned by billionaire Sheldon Alderson, said it lost $540 million for all of 2009, compared with $188.8 million in 2008.
The company said it had $1.88 billion in revenue in the fourth quarter and $4.56 billion for all of 2009, compared with $1.09 billion in the fourth quarter one year ago and $4.39 billion in 2008.
Its fourth-quarter revenue at three casinos in the Chinese gambling enclave was $952.8 million, compared with just $263.7 million from its Las Vegas operations. Sands said it had an operating loss of $15.7 million at its Venetian Las Vegas and Palazzo Las Vegas casino-resorts.
Sands said it spent $42.1 million on preopening expenses in the fourth quarter, primarily on the Singapore resort. It reported $154.5 million in depreciation and amortization expenses for the quarter.
Sands had incurred $11.03 billion in debt as of Dec. 31, but raised $2.5 billion during the fourth quarter with an initial public offering on the Hong Kong Stock Exchange. The company now has $4.96 billion in cash.
Sands is developing 6,400 hotel rooms on 13.3 million square feet on Macau's Cotai Strip under the Shangri-La, Traders, Sheraton, Sheraton Towers and St. Regis brands. The company owns the Venetian Macao, Sands Macao and Four Seasons Hotel Macao and Plaza Casino in Macau and the Venetian and Palazzo casino resorts in Las Vegas.
Sign up for the free Xplosive Stocks newsletter. Investors interested in receiving small cap stock alerts through the penny stock newsletter published by Xplosive Stocks can sign up for free by visiting our website.
About Us
Xplosive Stock is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We focus on Xplosive Stocks and track small cap companies that are on the brink of a financial breakout. To feature a company on our website please contact us at the email listed below.
Please click here to read the full disclaimer.
