Las Vegas Sands Corp. Reports First Quarter 2009 Results

Venetian Macao EBITDAR Increases 10.1% to $121.5 Million Cost Savings Programs on Track to Generate Approximately $470 Million in Annualized Savings LAS VEGAS, May 5, 2009 /PRNewswire-FirstCall via COMTEX/ -- Venetian Macao EBITDAR Increases 10.1% to $121.5 Million
Cost Savings Programs on Track to Generate Approximately $470 Million in Annualized Savings
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended March 31, 2009.
Company-Wide Operating Results
Net revenue for the first quarter of 2009 was $1.08 billion, about the same as the first quarter of 2008. Consolidated adjusted property EBITDAR in the first quarter of 2009 decreased 9.8% to $260.0 million, compared to $288.3 million in the year-ago quarter. On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2009 was $36.3 million compared to $96.6 million in the first quarter of 2008.
Adjusted net income (see note 1) was $8.9 million, or $0.01 per diluted share, compared to $23.6 million in the first quarter of 2008, or $0.07 per diluted share. The decrease in adjusted net income of $14.7 million reflects an increase in depreciation and amortization expense, offset by a decrease in net interest expense. On a GAAP basis, net loss attributable to common stockholders in the first quarter of 2009 was $87.7 million, compared to $11.2 million in the first quarter of 2008, resulting in a diluted loss per share of $0.14 compared to $0.03 in the prior year quarter. The increase in GAAP net loss attributable to common stockholders of $76.4 million reflects dividends paid, accumulated but undeclared dividend requirements and accretion on preferred stock of $53.1 million in total, as well as increases in pre-opening expense and depreciation and amortization expense, partially offset by a decrease in net interest expense.