Las Vegas Sands Sees Huge Jump In Earnings

The owner of the Las Vegas Sands Corporation has reported a huge jump in casino winnings in their first-quarter results, thanks to the Sands owned Venetian and Palazzo resorts on the Las Vegas Strip.

Las Vegas Sands Corporation reported in their quarterly earnings that they generated a net revenue of $385 million, which is up by an impressive 26 percent from the last first-quarter a year ago. Earnings before interest, taxes, depreciation and amortization rang in to about $116 million from the Venetian and Palazzo properties.

According to the Las Vegas Convention and Visitors Authority, statistics show that visitation increased by 6.4 percent this past February versus last year in February 2011.

This substantial increase is due to more visitation to Las Vegas, and the substantial increase in revenue for the Sands properties are likely because of higher spending by those visitors.

The increase in activity at the Venetian and Palazzo properties is responsible for the big increase in the first-quarter for the Sands. The Las Vegas Sands Corporation reported that hotel occupancy at both the Venetian and Palazzo was steady, at about 83.4 percent. The daily room rate increased slightly due to the demand of group meetings and convention business. Both properties combined have a total of 7,093 suites, and even the slightest increase in the daily room rate can make all the difference.

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