Las Vegas Sands Corp. Reports First Quarter 2008 Results (United States)
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Las Vegas Sands Corp. Reports First Quarter 2008 Results (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2008-05-02
Quarterly Net Revenue Increases 71.8% and Reaches $1.08 Billion
Consolidated Adjusted Property EBITDAR Increases 34.4% to $288.3 Million
Las Vegas Sands Corp. (NYSE: LVS), today reported financial results for the quarter ended March 31, 2008.
Company-Wide Operating Results
Net revenue for the first quarter of 2008 increased 71.8% to $1.08 billion, compared to $628.2 million in the first quarter of 2007. Consolidated adjusted property EBITDAR in the first quarter of 2008 was $288.3 million, an increase of 34.4%, compared to $214.4 million in the year-ago quarter. On a GAAP (Generally Accepted Accounting Principles) basis, operating income was $96.6 million versus operating income of $131.0 million in the first quarter of 2007. The decrease in operating income of $34.4 million reflects increases in operating costs as we expand our infrastructure to execute our global growth plans, depreciation and amortization expense, and pre-opening expense related to our preparations for the opening of the Four Seasons Macao and other properties which will open in the future in Macao, Singapore, and the United States.
Adjusted net income (excluding loss on disposal of assets, pre-opening expense, development expense, and loss on early retirement of debt) was $23.6 million, or adjusted earnings per diluted share of $0.07, compared to $114.6 million, or adjusted earnings per diluted share of $0.32, in the first quarter of 2007. The decrease in adjusted net income of $91.0 million was driven principally by the increased operating costs mentioned above and increases in net interest expense and depreciation and amortization expense. On a GAAP basis, net loss in the first quarter of 2008 was $11.2 million, or $0.03 per diluted share, compared to net income of $90.9 million, or $0.26 per diluted share, in the first quarter of 2007. The decrease in GAAP net income of $102.1 million was principally driven by the increases in operating costs, depreciation and amortization expense, pre-opening expense, and net interest expense mentioned above.
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