Las Vegas Sands sees big jump in casino winnings at Strip properties
A big jump in casino winnings boosted first-quarter results for the Venetian and Palazzo resorts on the Las Vegas Strip, their owner said Wednesday.
Las Vegas Sands Corp., in reporting quarterly earnings, said its Las Vegas operations generated net revenue of $385 million, up 26 percent from the year-ago quarter.
The numbers appear to represent continuation of a trend in which casinos are benefiting from more visitors to Las Vegas and, in some case, higher spending by those visitors.
The latest statistics from the Las Vegas Convention and Visitors Authority show visitation was up 6.4 percent this February vs. February 2011.
EBITDA — earnings before interest, taxes, depreciation and amortization — for the connected Venetian and Palazzo properties jumped almost 77 percent to about $116 million.
Las Vegas Sands said that while hotel occupancy at the Venetian and Palazzo was steady at 83.4 percent, stronger group meeting and convention business helped lift the average daily room rate from $212 to $214. The properties combined have 7,093 suites.
But increased activity at the properties’ casinos was responsible for most of the increase in first quarter revenue.
The slot handle, or the amount wagered on machines, increased almost 19 percent to $483.8 million, while wagering at table games jumped nearly 28 percent to $609 million, thanks mainly to more baccarat play.
The increased play levels caused the overall casino win for the Las Vegas properties to jump 91 percent to almost $159 million.
Elsewhere, Las Vegas Sands reported strong results in Macau and Singapore, leading to net quarterly revenue of $2.76 billion.
Las Vegas Sands said that was up 30.8 percent from the year-ago quarter and was an industry record.
The company posted a profit of $498.9 million, or 61 cents per share, up from $228.2 million or 28 cents.