Las Vegas Sands Posts First Quarter Loss

LAS VEGAS-Las Vegas Sands Corp. posted a nominal net loss for the first three months of the year, a period that included the opening of its newest Strip resort, the Palazzo. The $1.9-billion, 3,000-room resort development sits next to its Venetian resort and in front of its Sands Expo and Convention Center complex, which is being eyed for redevelopment. In addition to the Venetian and the Palazzo, Las Vegas-based Sands owns two properties in China, the Sands Macao and Venetian Macao.

The $11.2-million first quarter loss, well below analysts’ consensus estimate, is being attributed to new competition abroad and declining tourism at home. In the same period last year, the company posted a profit of $90.9 million. Excluding items such as losses on sold assets and casino opening expenses, adjusted earnings totaled $23.6 million. The comparable result for the first quarter of 2007 was $114 million.

“Our first-quarter operating results reflect both an intensely competitive operating environment in Macau as well as a weaker economic environment here in the United States,” says William Weidner, Sands president and chief operating officer.