We have been following the Las Vegas Sands Q2, 2009 earnings call with interest and would like to pass on some extracts for the Macau followers;

Firstly, Sheldon Adelson stating that the operating environment in Macao remains challenging. Our properties are holding up quite well. People are continuing to visit our properties in great numbers and we’re generating solid cash flow from a diverse set of revenue streams. On IPO’s, he said, “And we will announced, if and when we’re going to do an IPO, otherwise if and when we’re going to do private equity, or any other form of financing”.

Mike Leven, on Macao and start with the Venetian Macao, which generated approximately $110 million of adjusted property EBITDAR for the second quarter of 2009. The property generated a record $140 million in EBITDAR over the second quarter of 2008.

Visits to the property have remained very strong with the Venetian Macao enjoying more than 5.4 million visits during the second quarter.  That visitation drove healthy mass play and hotel occupancy for the quarter while rolling play has also remained solid. Our CotaiJet ferry service carried nearly one million passengers in the second quarter while our convention and group business accounted for approximately 13% of our room nights sold.

The three prong strategy for the Venetian Macao continued throughout 2009. We have now expanded that program to target at least $300 million in annualized cost savings across our Macao operations. The program is designed to reduce our operating costs while preserving as many Macanese local jobs as possible and maintaining a high-quality customer experience for our guests.

The second strategy is to grow our mass table and slot business. We expect the eventual ramp up of City of Dreams complex to add further critical mass to the Cotai Strip.

Let me spend a moment on the Sands Macao. The Sands delivered $61 million in adjusted property EBITDAR for the quarter compared to $54 million in the second quarter last year. The Sands remains a leader in mass play in the Macao Peninsula, delivering non rolling drop of greater than $595 million and nearly $300 million in slot handle. Rolling volume of $4.7 billion was down compared to the quarter one a year ago.

Now a comment on the Four Seasons Hotel. The property generated nearly $6 million in adjusted property EBITDAR during the second quarter.  The Four Seasons Hotel reached 44.5% occupancy with an ADR of $291 for the second quarter of 2009.

Read rest of transcript here: Las Vegas Sands Call

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