All told, Las Vegas Sands lost $123 million or $0.19 per share on revenue of $1.14 billion in the quarter, citing a $73.7-million increase in income tax costs as the primary driver. In the same year-earlier period, the company lost $32 million or $0.09 per share on revenue of $1.11 billion. Excluding one-time items, the company reported a profit of $0.03 per share.

In Las Vegas, where the company owns the adjacent Venetian and Palazzo resorts and Sands Convention Center, the company reported a 26% drop in revenue compared to the same year-earlier period, and an operating loss of $28.9 million compared to a gain of $6.1 million in the same year-earlier period. It cited a lower-than-usual win percentage from table games and lower hotel room rates as the primary reasons for the decline. Looking on the bright side, chief executive Mike Leven said group hotel booking spiked during the quarter.

"In fact, we put more future group room nights on the books this quarter than we have during any other 90-day period in our history," he said.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.