By Deena Beasley
LOS ANGELES, Feb 17 (Reuters) - Las Vegas Sands Corp , the casino operator run by billionaire Sheldon Adelson, said on Wednesday its fourth-quarter net loss narrowed as strong gambling demand in Macau offset weakness in Las Vegas.
The results met analyst estimates -- which disappointed some investors -- and shares fell more than 4 percent in after hours trading.
'I think people were expecting a beat,' said Keybanc Capital analyst Dennis Forst.
The casino operator, which sold a stake in its Macau operations in a public offering in November, posted a net loss of $113.9 million, or 17 cents a share, in the fourth quarter compared with a year-earlier loss of $136.5 million, or 27 cents a share.
Excluding one-time items, Sands earned 3 cents a share, matching the average analyst forecast, as compiled by Thomson Reuters I/B/E/S.
Operating income at the company's Venetian Macao resort nearly doubled to $119.7 during the quarter, while operating income at the Sands Macao rose 13 percent to $43.9.
In Las Vegas, Sands had an operating loss of $15.7 million.
'In my view, Vegas underperformed and Macau outperformed,' Forst said.
Sands net revenue rose 17 percent to $1.28 billion, beating the $1.23 billion expected by analysts.
Sands owns the Palazzo and Venetian resorts on the Las Vegas Strip, two casinos in Macau and a casino in Pennsylvania. The Las Vegas-based company said its next gambling resort -- located in the city-state of Singapore -- will begin opening in late April.
Sands, which has come close to violating loan agreements and suspended construction on several projects, resumed work on additional Macau projects late last year.
The company said the first phase of these projects, located in an area of Macau known as the Cotai Strip, will open in June 2011, with the next phase following about six months later.
The company's shares fell further to $16.70 after hours after closing down 0.6 percent at $17.46.
(Reporting by Deena Beasley; editing by Andre Grenon) Keywords: LASVEGASSANDS/ (deena.beasley@thomsonreuters.com; 1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
LOS ANGELES, Feb 17 (Reuters) - Las Vegas Sands Corp , the casino operator run by billionaire Sheldon Adelson, said on Wednesday its fourth-quarter net loss narrowed as strong gambling demand in Macau offset weakness in Las Vegas.
The results met analyst estimates -- which disappointed some investors -- and shares fell more than 4 percent in after hours trading.
'I think people were expecting a beat,' said Keybanc Capital analyst Dennis Forst.
The casino operator, which sold a stake in its Macau operations in a public offering in November, posted a net loss of $113.9 million, or 17 cents a share, in the fourth quarter compared with a year-earlier loss of $136.5 million, or 27 cents a share.
Excluding one-time items, Sands earned 3 cents a share, matching the average analyst forecast, as compiled by Thomson Reuters I/B/E/S.
Operating income at the company's Venetian Macao resort nearly doubled to $119.7 during the quarter, while operating income at the Sands Macao rose 13 percent to $43.9.
In Las Vegas, Sands had an operating loss of $15.7 million.
'In my view, Vegas underperformed and Macau outperformed,' Forst said.
Sands net revenue rose 17 percent to $1.28 billion, beating the $1.23 billion expected by analysts.
Sands owns the Palazzo and Venetian resorts on the Las Vegas Strip, two casinos in Macau and a casino in Pennsylvania. The Las Vegas-based company said its next gambling resort -- located in the city-state of Singapore -- will begin opening in late April.
Sands, which has come close to violating loan agreements and suspended construction on several projects, resumed work on additional Macau projects late last year.
The company said the first phase of these projects, located in an area of Macau known as the Cotai Strip, will open in June 2011, with the next phase following about six months later.
The company's shares fell further to $16.70 after hours after closing down 0.6 percent at $17.46.
(Reporting by Deena Beasley; editing by Andre Grenon) Keywords: LASVEGASSANDS/ (deena.beasley@thomsonreuters.com; 1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.