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Posted At : February 5, 2008 04:57 PM | Posted By : Administrator
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Macau,Sheldon Adelson,Louisiana
That's the story in a nutshell. One paper takes the glass half-empty view while the other goes for the glass half-full perspective. Also, diminished profitability has to be viewed in the context of aggressive expansion, both at home and abroad. Sure, the company could have gone for more EPS ... at the cost of choking off future growth or forfeiting new markets to its competitors.
The one canary in the Sands coal mine is that Venetian Macao is clearly subtracting business from Sands Macao. Expanding the Macanese market isn't going to come without some heartburn and that's a case in point. Pass the Tums. At least the jetfoils are running again.
Revenues are way up (except in revenue, where they're just plain up), as are most categories of operating expense, naturally. But, hey, the set-aside for the taxman is way down. The last quarter wasn't so great for The Venetian, but it probably won't be torrid for anyone else, either.
In other grossly oversimplified Vegas metrics, occupancy was down but REVPAR and room rates were up. Table game win was down (especially in 4Q07) but slot revenues were up, even with fewer machines.
Both Macao properties are winnowing their game inventory, although Sands Macao beefed up slots by over 500 machines, compared to last year (not enough to reverse a slide in slot win, though). Venetian Macao, however, is trending upward even with a slimmed-down game inventory.
Casino protectionism: Quaking in terror at the thought of the free enterprise system, two casino companies join forces to keep a third from -- Gasp! -- spending $250 million to build a casino-resort near Baton Rouge. Investment, taxes, jobs ... oh, the horror of it all.
(Of course, the fact that one of the two riverboats running the "anti" ads has a reputation as an inveterate cheapskate adds a couple of levels of irony to the mix.) Damn that capitalist system! [breaks down, sobbing]
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