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Sands of Las Vegas Casino Earnings Rise 27 Percent

Sheldon Adelson, operator of Las Vegas Sands Corp, a luxury casino, said its second-quarter net profit surged 27 percent as its casino in the Chinese gambling enclave of Macau posted another record performance.

The net profit increased to $109.3 million from $86.4 million, although a below-average win at the tables trimmed $5.2 million off the bottom line.

Adelson said, "One quarter does not make a trend. Vegas was here for decades. It's going to be here for decades more."

For three months, the revenues rose 30 percent at the end of June to $517 million compared with $398.8 million in the same quarter a year ago.

The company suffered some inefficiency when it opened a casino 18 months early to meet demand created by Hurricane Katrina. The kitchen was not yet finished that time. "It's better to bring business in and have virtually a 100 percent occupancy rate than turn the business away because the kitchen wasn't open," Alden justified.

Las Vegas Sands plans to speed up its development in Asia. Completing an expansion in Sands Macau next month and finishing the building of the Venetian Macau next summer. All in all, there are seven plan sites to be built on Macau's so-called Cotai Strip.