a big boost in business from its new, 1,000-room tower
and added convention space, net income tripled at The
Venetian's holding company in the third 2003 quarter.
Weidner, president of Las Vegas Sands Inc., owner of The
Venetian, described the quarter as "stellar"
during a conference call Thursday with Wall Street analysts.
results are a further testament to the strength of the
company's basic business strategy," he said.
brief, he said the strategy had three components: using
the Sands Expo and Convention Center, a sister company
also owned by Sheldon Adelson, to boost midweek room demand;
targeting high-end casino play; and maximizing business
from entertainment and other amenities.
income increased from $6.4 million to $19.7 million in
the quarter ending Sept. 30 compared with the same period
a year earlier.
flow, generally defined as earnings before interest taxes,
depreciation and amortization, and a key measure of profitability,
increased to $70.7 million in the quarter, up 18 percent
from $59.9 million in the same quarter a year earlier.
in the third quarter of 2003 increased to $168.3 million,
up 10.1 percent from $152.5 million in the same period
occupancy held steady at 96.6 percent despite the addition
of the new tower, while revenue per available room increased
to $185 from $172 in the previous year's third quarter.
pointed to the hotel business as particularly strong following
the opening in July of The
Venetian's new Venezia Tower, which coincided with
a 150,000-square-foot expansion of The Venetian Congress
revenues were $67.8 million in the third 2003 quarter,
up 42.4 percent from $47.6 million in the same period
a year earlier.
said construction on The Venetian's resort in Macau is
more than half complete and the operation should open
late in the first quarter or early in the second quarter
of 2004, despite the failure of the government there to
change its credit rules.
also said planning is proceeding for The Venetian's second
Las Vegas resort on the corner of Twain Avenue and the
Strip, across the street from Wynn Resorts' new casino-hotel,
but gave no indication on when construction might start
or when the property might open.