Casino reports loss in Q2
By Oskar Garcia |
August 1, 2009, Saturday
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Print Edition
Print Edition
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.
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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