Things continue to sour for Las Vegas Sand Corporation as it reports a fourth-quarter net loss of $111,320 and a loss for 2008 of $163,558.
Despite the loss, the international casino operator had a 48 percent boost in revenue for the year to $4.4 billion when compared to 2007, according to results posted this week. Net revenue in the fourth quarter also increased year-over-year by 4 percent to $1.1 billion.
Revenues at the company’s Las Vegas operations -- the Venetian Resort Hotel Casino and The Palazzo Resort Hotel Casino -- were up in the fourth quarter. Retail and rooms revenue rose year-over-year by 68 percent and 40 percent, respectively.
Meanwhile, the fourth-quarter performance at the Sands Macau and The Venetian Macau Resort Hotel slid, with the largest year-over-year dip of 67 percent in its beverage revenue.
The company’s William P. Weidner, president and chief operating officer, said in the report that the company remains focused on its business plan, which includes maximizing its cash flow in Las Vegas and Macau through cost-savings programs.
According to the Sands, cost-savings programs within the company have increased its target to saving approximately $250 million annually.
Mr. Weidner added that the Sands will strive to complete its developments in Singapore and Pennsylvania on time and on budget as well as look to sell its non-core assets.