Las Vegas Sands 1st quarter 2011

Posted: May 4, 2011 in Uncategorized

Extracted financial reports:

4th May 2011

Still going on strong...

LAS VEGAS, NV–(Marketwire – May 3, 2011) – Las Vegas Sands Corp. (NYSE: LVS)

— Consolidated Adjusted Property EBITDA Increases 101.0% to Record

$745.7 Million ($785.7 million on hold adjusted basis) on Record

Net Revenue of $2.11 Billion

— Consolidated Adjusted Property EBITDA Margin Increases 750 Basis

Points to 35.3%

— Macau Property Operations Adjusted Property EBITDA Increases 46.1%

to Record $378.6 Million with EBITDA Margin of 33.4%

— Marina Bay Sands Generates Adjusted Property EBITDA of $284.5 Million

and EBITDA Margin of 48.6% (On a hold adjusted basis, Adjusted

Property EBITDA of $311.0 Million and EBITDA Margin of 53.2%)

— Consolidated Adjusted Earnings Per Diluted Share Reaches $0.37

Compared to $0.07 in the First Quarter of 2010

Editor’s Comment:

The 1st quarter result from LVS Singapore (Maina Bay Sands) shows the trend of lower ebitda margin, due to, (1) Reduced local population into the casino; (2)  Increased costs of customer acquisition (VIPs) and probably much higher player rebates paid out. That’s not including credit risk exposure.

For the Macau casinos, LVS continues to maintain comfortable position with much increased VIP gaming numbers. Coupled with that, mass market has been Sands’ forte since they set foot in Asia.

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