Sands said net revenue at the Venetian and the Palazzo on the Strip jumped from $266.7 million in the fourth quarter of 2009 to $310.6 million in the fourth quarter of 2010. These properties produced operating income of $44.4 million in the most recent quarter vs. a loss of $14 million in the 2009 quarter as occupancy improved at the Venetian, though it slipped at the Palazzo.
Revenue per available room at the Venetian in the 2010 quarter was $149, off from $150 in the 2009 quarter. At the Palazzo, it was $160, down from $172 in the 2009 quarter.
Declines in overall casino and room revenue were offset by gains in food and beverage, and retail sales as well as efficiencies from cost-cutting and lower spending on promotions, Las Vegas Sands said.
Companywide, Las Vegas Sands earned $273 million, compared to a net loss of $113.9 million in the fourth quarter of 2009. Diluted earnings per share in the fourth quarter of 2010 were 34 cents, compared to a loss per share of 17 cents in the prior-year quarter.
With strong results from Asia, Las Vegas Sands said quarterly net revenue hit a record $2.02 billion, up 57 percent, and adjusted property EBITDA -- a profitability measure -- increased 141 percent to a record $738.9 million. |