Las Vegas Sands’ second quarter results did not meet expectations, CEO Sheldon Adelson has admitted.
The casino resort operator reported a 10.1 per cent year-on-year increase in net revenue to $2.58bn, but a 6.3 per cent drop in adjusted property EBITDA to $844.7m. On a GAAP basis, operating income decreased 34.6 per cent to $397.7m, compared with the second quarter of 2011.
Adelson remained bullish, however.
"While our quarterly results did not meet my expectations, and were impacted by lower hold on table games play compared to last year's second quarter, higher provisions for accounts receivable at Marina Bay Sands in Singapore, and elevated legal expenses, our financial results reflected solid revenue growth overall and significant cash flow in both Macau and Singapore, as well as the continued steady execution of our Cotai Strip development plan in Macau,” he said. "We successfully opened on April 11, 2012 the first phase of Sands Cotai Central, the largest integrated resort development in the company's history.
“The debut of Cotai Central represents the completion of another major milestone in the steady and disciplined execution of our Cotai Strip master plan and development strategy.”
