Q1 Profit Jumps for Las Vegas Sands Corp.

Last year's first quarter produced earnings of $7.1 million, or $0.02 per share, on revenue of $403.8 million, due largely to an $86.3 million loss related to the early retirement of debt. Adjusted for that and a few other things, profit was $134.8 million, or $0.38 per share, versus $103.1, or $0.29 per share, in the year-earlier period.

The company's casino revenues in Macau ballooned by 63% to $278.2 million due to continued demand and capacity increases. The company said casino sales at its Las Vegas properties rose 2.5% to $97.1 million. RevPAR at the Venetian climbed 4.6% to $248. Venetian hotel revenues climbed 4.9% to $89.6 million.

First quarter casino sales companywide were $375.4 million, 41% ahead of the year-earlier period. Room revenues were up 5.8% to $91.1 million. Food and beverage sales were $51.8 million, 19.1% ahead of last year's first quarter.

Shares of Las Vegas Sands closed out the trading Thursday at $66.32, up $0.72 on the day. In aftermarket trading, shares were up another $3.58 to $69.90, for a total one-day rise of $4.30, or 6.55%.

With regard to Las Vegas operations, company president William Weidner says the company is reaping the benefits of adding some 450,000 sf of carpeted meeting space, which is boosting group business and related food and beverage revenues. With regard to Macao, Weidner says the increased revenue came despite increased competition. This month, the company opens Sands' Paiza Club in Macao, which it expects will increase VIP gaming capacity. The remainder of its Sands Macao expansion is due for completion this August.

On the development front, the company continues to execute plans for the Palazzo in Las Vegas and the "Cotai Strip" in Macao, which the company has dubbed Asia's Las Vegas. The company is in the process of completing a $2.5-billion credit facility to support its development plans in Macao.

The Palazzo and Venetian Macao projects are on both track for completion in summer 2007. When completed, Palazzo and the Venetian will be one of the largest integrated destination convention resorts in the world, with 7,000 hotel rooms, 1.1 million sf of carpeted meeting space, and 1.15 million sf of convention space.

Capital expenditures during the first quarter of 2006 totaled $294.2 million. The total includes $196 million for construction and development activities in Macao, $75.5 million for construction and development activities at the Palazzo, and $22.7 million for improvements and maintenance capital expenditures at The Venetian and The Sands Expo and Convention Center in Las Vegas.

With regard to 'Asia's Las Vegas' on the Cotai Strip, Weidner says deals have been struck with Four Seasons Hotels and Resorts, Starwood Hotels and Resorts Worldwide, Shangri-La Hotels and Resorts and Hilton Hotels.