Things may not be going well for the Nevada gambling industry, but the soaring revenues of Las Vegas Sands Corp‘s Macau casinos have helped the company curb its losses. With $ 113.9 million in profits registered in 2009, down 16,5% from $ 136.5 million in the previous year, Sands’ Asian gambling properties accounted for nearly three-fourths of the US company’s total sales in the fourth quarter of last year. Hong Kong and mainland Chinese punters continued to boost revenues in the former Portuguese colony to record levels, with revenues climbing by 17.5%: from the $ 1.09 billion revenues recorded in the fourth quarter of 2008 to $ 1.28 billion over the same period in 2009. That boost was led by the Venetian Macao, a casino which has almost doubled its operating profits (from $ 61.3 million a year earlier to $ 119.7 million).
The Boom of Macau Casinos
A very happy Mr. Sheldon Gary Adelson, Las Vegas Sand Corp’s CEO and Chairman, states: “I’m pleased to report that we delivered record revenues during the fourth quarter of 2009 led by our properties in Macau, which achieved a record $ 251.5 million in EBITDAR – Earnings Before Interest, Taxes, Depreciation, Amortization and Rent (editor’s note). The performance in Macau – continues the company’s CEO – was driven by healthy gaming volumes combined with cost savings”. With regard to Nevada-based casinos Adelson claims, “Our current quarter’s results in Las Vegas reflect lower room and food and beverage revenues, principally because of less group business in Las Vegas, yet our gaming volumes have stabilized, and the execution of our cost-savings programs has positioned us to deliver improved operating margins and cash flows as the economy and our group business recover. We believe 2010 will reflect a recovery of group business in Las Vegas”.
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