Venetian/Palazzo SANDS reaps what they sow.....Who didn't see this coming?

Whole article:
https://www.vegasinc.com/news/2011/may/03/las-vegas-sands-earnings-soar-strength-asia-miss-e/

SANDS two Las Vegas resorts, the Venetian and the Palazzo, delivered $65.2 million in EBITDA for the first quarter, DOWN 38 percent from the first quarter of last year.

(Who didn’t see that coming?)

Net revenue at the resorts totaled $305.1 million compared to $330.5 million in the same period a year ago. ( 25 MIL * LESS* Revenue..........Brilliant!)

Casino revenue for the year-over-year period FELL 46.5 %

ISN’T THAT CLOSE TO 50 % * LESS* Casino Revenue?? .......... Brilliant!

While food and beverage revenue increased 11.5 percent. (Conventioneers gotta do something!)

Room revenue declined 6 percent. (Conventioneers don’t DO mini-bars?)

The occupancy rate at the Venetian and Palazzo FELL from 91.3 % during the first quarter of 2010 to 83.9 % in the first quarter this year.

The average daily room rate increased 2.4 percent to $212, compared to $207 in the same quarter last year.

SANDS said 97 % of occupied rooms at its Las Vegas hotel during the quarter were occupied by cash-paying customers, compared to 68 percent in the first quarter of 2010.

So what?

More (cash-paying) Rooms VACANT , and........ LESS Revenue..........Brilliant marketing!

Sheldon is still going to think he is a genius and ride this out.

I still wish I bought LVS stock when it was at the 2 year low.

There were tons of traders that bought options thinking this would be a good report and they got crushed tonight. I think the new comp
policy in Las Vegas has cost them dearly and the market is going to punish them tomorrow. They had a large drop in occupancy and cost them
a lot at the gambling tables. I think the new comp policy is letting them make more money on rooms but Vegas is built on gambling and I don't
know any in the know gamblers who are playing there anymore. I myself will only play in the poker room and I used to give them about 40% of my
play. This policy has got to long term hurt them in Las Vegas.

I knew that when I first started reading about Venetian/Palazzo changing the way that they comped people along with lowering the returns on their games that this unfortunately but expectedly was really going to end up biting them hard on the rear end!

I knew that if they started thumbing their noses at the gamblers in their LV Casinos, that this would really in the end make them suffer!

RecVPPlayer

suck it sheldon
suck it hard

It seems that not only was the strategy bad, it was well thought to begin with. I can see them dumping a low roller like myself (even if I was never on their radar), but to run off the masses that built them was mad. Then to come back a couple of weeks later and supposedly recind their stance was amazing. I know little of their operation, but to ryn off the majority of visitors to LV is insane. I can see cutting back on comps and being sure to justify rooms and food you hand out, but to cut off all but the elite doesn't make sense in this day and age. I've never spent much time there and I can gaurantee that won't change now. I just feel sorry for the loyal guests they've had in the past that now have to establish themselves elsewhere.

Good Luck!
Ric at Joes

Naughty, naughty, Noahcat!!!!!!

Well, I was going to go in there my last trip and
buy a stick of gum but CLV talked me out of it.

Never get on her bad side. LOL

You could have borrowed my gold card jjjjjjjjjjjjjjj, and eaten your way thru the gold lounge.
Wouldn't have hurt my feelings one bit.
I'm sure (if any Staff is left) in the gold lounge? They would have appreciated SEEING someone.

What a waste.

Lucky for Shelly, he still has Macao, because they're certainly screwed up Ven/Pal.

Wonder if anyone will be Fired?

Can WE Fire Sheldon? The old coot needs to RETIRE. Go Away. Far Away.........

Idiots.

I feel for the employees. With no business they will earn little and there will be firings/layoffs. If you think about it, just how many employees does it take to staff two empty warehouses?

N'cat rocks!!! Best summation of what the old goat should do.