Secrets of the Job Hunt


Saturday, November 15, 2008

Las Vegas Jobs Safe Despite Modifications to Sands’ Global Development Program

Las Vegas Sands Corp., a leading international developer of multi-use integrated resorts, reported financial results for the quarter ended September 30, 2008. While it announced modifications to its Global Development Program, Las Vegas jobs appear to be safe.

William P. Weidner, president and COO stated, "Our third quarter results reflect solid operating performance, with both revenues and adjusted property EBITDAR increasing substantially in both Las Vegas and Macao, despite challenging operating environments in each market.

"In Macao, despite the implementation of stricter visa restrictions for certain mainland Chinese visitors, visitation to The Venetian Macao continues to grow, while the maturing of the assets and amenities of the property, which celebrated its one year anniversary during the quarter, is clearly evident in our operating performance. Despite that strong performance, given the current conditions in the global credit environment, we have elected to significantly slow the pace of our development activities on the Cotai Strip, including a suspension of our development on sites five and six of the Cotai Strip, as we focus our current efforts on maximizing our cash flow and our returns on invested capital from our existing properties in Macao: The Venetian Macao and the Four Seasons Macao on the Cotai Strip, and the Sands Macao on the Macao peninsula.

"We will focus our development activities and available capital principally on the timely completion of both Marina Bay Sands, in Singapore, and Sands Bethlehem, in Bethlehem, Pennsylvania. At an appropriate time in the future, to the extent capital becomes available on acceptable terms, we plan to resume the development of sites five and six on the Cotai Strip. We remain confident that our long-term development strategy, including the completion of additional properties on the Cotai Strip should capital become available on acceptable terms, will provide the people of Macao and the surrounding region with significant and sustainable economic benefits.

"In Las Vegas, despite an increasingly challenging operating environment, the combined Venetian and Palazzo integrated resort performed solidly, although low table hold negatively impacted the current quarter's operating results. Looking ahead, we will focus our efforts on both controlling our costs and maximizing our cash flows from our Las Vegas properties."

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