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August 1, 2009

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Casino reports loss in Q2

LAS Vegas Sands Corp reported it lost US$175.9 million in the second quarter, compared with a loss of US$8.8 million a year earlier.

The company, controlled by billionaire CEO Sheldon Adelson, said the loss included the costs of settling a legal matter and charges related to lower-than-expected proceeds from the sale of a mall at one of its Las Vegas resorts.

Net quarterly revenue was US$1.06 billion, a decrease of 4.8 percent from US$1.11 billion a year earlier and just below what analysts expected. They predicted on average that Sands would take in US$1.08 billion in revenue.

Sands lost 34 US cents per share in the quarter compared with 2 US cents per share one year ago.

The company said its net loss to stockholders was US$222.2 million after accounting for more than US$46 million in dividends paid to holders of preferred stock and for the redemption value of certain preferred stock.


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