Inside Asian Gaming

INSIDE ASIAN GAMING | February 2012 46 International Briefs Briefs segment in the quarters ahead, as we roll out additional enhanced VIP facilities and service offerings throughout our existing property portfolio in 2012.” LVS added: “We are extremely excited to be approaching the debut of the largest integrated resort development in the company’s history, Sands Cotai Central, the first phase of which will open approximately eight weeks from today. Located at the centre of the COTAI Strip and directly across from The Venetian Macao and the Four Seasons Hotel Macao and Plaza Casino, the 13.7 million square foot Integrated Resort will add substantial scale to the Cotai Strip and will feature amenities and attractions designed to broaden and deepen Macao’s appeal as a destination for business and leisure travellers. Importantly, Sands Cotai Central will feature at completion more than 6,400 hotel rooms, which are a vital component for the future growth and continued maturation of the meetings, incentive, convention and exhibition business in Macao. We are confident that Sands Cotai Central will meaningfully contribute to important multi-night business and leisure visitation to Macao and will provide another strong platform for growth for our company.” According to the company, “In Singapore, Marina Bay Sands produced a record US$426.9 million of adjusted property EBITDA during the quarter and an EBITDA margin of 52.9%. Strong growth in VIP, mass gaming and slot volumes coupled with continued growth in visitation and non-gaming revenue streams including hotel, food and beverage, retail and entertainment reflect the broad appeal of the property to Singapore’s visitors from across the Asian region. Looking ahead, as Singapore’s complementary business and leisure tourism offerings and transportation infrastructure continue to expand, we are confident that Marina Bay Sands will generate meaningful growth and outstanding returns for our company.” Caesars Entertainment shares surge on first day of trading Caesars Entertainment Corp., the US casino chain with more than US$22 billion in debt, jumped 71% in its trading debut after completing an initial public offering a fraction of the size of its failed 2010 effort, according to a Bloomberg report. Las Vegas Sands Corp reports record 4Q and full year 2011 results Las Vegas Sands Corp. (LVS) reported record financial results for the quarter and year ended 31st December, 2011, and declared an annual dividend of US$1.00 per share. Shareholders of the company’s majority-owned subsidiary Sands China Ltd, meanwhile, will receive a dividend of HK$0.58 per share. Net revenue for the fourth quarter of 2011 was a record US$2.54 billion, an increase of 26.3% compared to US$2.02 billion in the fourth quarter of 2010. Consolidated adjusted property EBITDA in the fourth quarter of 2011 increased 30.0% to a record US$960.6 million, compared to US$738.9 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 110 basis points to 37.8% in the fourth quarter of 2011, compared to 36.7% in the fourth quarter of 2010. On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2011 increased 35.7% to reach US$663.3 million, compared to US$488.7 million in the fourth quarter of 2010. The increase in operating income was principally due to stronger results across our portfolio of properties in Macau and at Marina Bay Sands in Singapore. The company’s earnings release stated: “In Macau, we experienced higher gaming volumes across our property portfolio, while adjusted property EBITDA reached a record US$434.2 million and adjusted property EBITDA margin expanded to reach a market- leading 33.4%. The consistent growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming (hotel, retail, mall and convention) components of our integrated resort business model, continue to drive revenue and EBITDA growth.”The company also reported “that the initial investments we have made to expand our offerings in the VIP segment are clearly evident in our quarterly operating results, with the Four Seasons Hotel Macao and Plaza Casino generating a record quarterly EBITDA of US$63.0 million and increasing its rolling chip volume by 63.9% compared to the same quarter last year. We expect to realise additional benefits from our initiatives in the VIP Earnings driver—Venetian Macao Caesars Entertainment’s flagship property, Caesars Palace