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The Las Vegas Sands Corp. consolidated second quarter adjusted property EBITDA increased by 91.2% to record $473.5 million on record net revenue of $1.59 Billion.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2010 increased to $166.8 million, compared to a loss of $171.3 million in the second quarter of 2009. The increase in operating income was principally due to stronger results across our portfolio of properties in Macau and the opening of Marina Bay Sands in Singapore. The operating loss in the second quarter of 2009 included an impairment loss of $151.2 million.
Adjusted net income (see Note 1) increased to $129.3 million, or $0.17 per diluted share, compared to $8.8 million, or $0.01 per diluted share, in the second quarter of 2009.
On a GAAP basis, net loss attributable to common stockholders in the second quarter of 2010 was $4.7 million, compared to net loss of $222.2 million in the second quarter of 2009. Diluted loss per share in the second quarter of 2010 was less than $0.01, compared to a diluted loss per share of $0.34 in the prior year quarter. The decrease in net loss attributable to common stockholders of $217.5 million reflects the increase in operating income, partially offset by increases in net income attributable to noncontrolling interests (primarily Sands China Ltd.), net interest expense and income tax expense principally associated with earnings from Marina Bay Sands.
Meanwhile, the online software and poker platform Playtech also witnessed strong second quarter results with gross income climbing 2 percent from the previous quarter, a result of strong casino and bingo growth. There was, however, a 13 percent decline in poker revenue.
Gross income for the quarter totaled €44.5 million (£37m), up 34% on the same quarter the previous year.
Aaron Goldstein, Gambling911.com
