Inside Asian Gaming

November 2009 | INSIDE ASIAN GAMING 45 Opposing Forces Las Vegas Sands Corp achieves record revenues in Macau, but costs still drag Four Seasons Macao A record performance in Macau in the third quarter of 2009 couldn’t prevent Las Vegas Sands Corp (LVS) recording a 282% year-on-year increase in the net loss attributable to common stock shareholders LVS said the net loss reflected in large part an increase in income tax expense of US$73.7 million, or US$0.11 per diluted share, contributing to a US$123.0 million net loss for shareholders, compared to a US$32.2 million loss across the group in the third quarter of 2008. Other factors affecting net loss for shareholders were the company’s significant depreciation and amortisation expenses relating to its expansion at home and in Asia. Depreciation and amortisation expenses were US$148.7million in Q3 2009, compared to US$132.2 million in the third quarter of 2008. The rise was principally driven by increased depreciation related to the openings of the Four Seasons Macao and Sands Bethlehem in Pennsylvania, said the company. Interest expense, net of amounts capitalised, was actually down—US$88.5 million for Q3 ’09, compared to US$90.5 million during Q3 2008. Average borrowing cost in Q3 ’09 was also down at 3.8%, LVS Results