(RTTNews) -  Casino operator Las Vegas Sands Corp. (LVS: News ) on Thursday, after the markets closed, posted a wider third-quarter loss, reflecting higher income tax expense, and increases in preferred stock dividends and accretion on preferred stock. However, the company's adjusted per share results came in above analysts' expectations.

The The Las Vegas, Nevada-based company reported a net loss attributable to common stockholders for the third quarter of $123.0 million or $0.19 per share, wider than $32.2 million or $0.09 per share in the year-ago quarter.

The company's adjusted net income increased to $20.1 million or $0.03 per share from $8.1 million or $0.02 per share in the third quarter of 2008.

On average, fifteen analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share for the quarter. Analysts estimates typically exclude special items.

The company said its adjusted results exclude pre-opening expense, development expense, impairment loss, loss on disposal of assets, loss on modification or early retirement of debt, legal settlement expense, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and United States deferred tax valuation allowance.

Operating income in the third quarter of 2009 was $62.4 million, up 121.3% from $28.2 million in the third quarter of 2008, principally due to healthy gaming volumes and the steady execution of cost savings and efficiency initiatives in Macau, which contributed to stronger margins at each of the company's properties and a record operating performance in Macau overall.
Net revenue for the quarter increased 3.2% to $1.14 billion from $1.11 billion in the prior-year quarter. Thirteen analysts had a revenue consensus of $1.17 billion for the third quarter.

Sheldon Adelson, Las Vegas Sands chairman and CEO, said, "While our current quarter's results in Las Vegas reflected unusually low table games hold, which negatively impacted our revenues by approximately $40 million, the execution of our cost savings programs has positioned us to deliver improved operating margins and cash flows as the economy recovers."

Las Vegas Sands owns and operates The Venetian Resort-Hotel-Casino, The Palazzo Resort-Hotel-Casino, and the Sands Expo and Convention Center in Las Vegas and the Sands Casino Resort Bethlehem in Eastern Pennsylvania. The company also owns and operates The Venetian Macao Resort-Hotel and the Sands Macao in the Chinese gambling enclave of Macau.

To receive FREE breaking news email alerts for Las Vegas Sands Corp. and others in your portfolio

 1   2   3   Next Page