This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Macao Makes Las Vegas Sands' Quarter

Las Vegas Sands (LVS) swung to a third-quarter profit and beat Wall Street estimates as business continued to roar at its Macao, China casino.

The Las Vegas-based casino outfit earned $91 million, or 26 cents a share. In the third quarter of 2004, it lost $85.9 million, or 26 cents a share, on a slew of special items.

Excluding items, Las Vegas Sands earned $99.9 million, or 28 cents a share, in the third quarter, up from adjusted earnings of $68 million, or 21 cents a share, a year ago. The latest quarter's number beat the average Wall Street estimate from Thomson First Call by a penny.

Revenue totaled $437.6 million, up 27% from 343.6 million a year before.

Investors are likely to focus on the company's results at its Sands Macao casino, which opened last May and aims to increase its market share in the former Portuguese colony. The casino's earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR, were $90.1 million, up from $69.2 million a year ago and solidly ahead of the $81 million the company reported in the second quarter.

That performance was fueled by a whopping 60% increase in high-end gaming volume to $3.2 billion from $2 billion in the second quarter of this year. Mass-market gaming volume increased 8.3% from the second quarter to $1.02 billion.

At the Venetian Casino Resort in Las Vegas, table games volume increased 12.5% year over year to $301.7 million. The house benefited from the luck of the draw, with a 23.9% table games win percentage, which is above the company's normal range of 20% and 21% and well ahead of the 18% level a year ago.

Hotel revenue at the Venetian was roughly flat, however, at $71.8 million, vs. $71.5 million a year ago. Revenue per available room, a lodging industry metric also known as revpar, was also flat year over year, at $195.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs