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Las Vegas Sands Earns $273M in 4Q, Falls Short

LAS VEGAS -- Casino-resort developer and operator Las Vegas Sands Corp. is reporting that it earned $273 million during the fourth quarter of 2010 thanks to soaring revenue in Macau and Singapore.

The company, led by billionaire CEO Sheldon Adelson, said Thursday that it saw record revenue of $2.02 billion in the quarter that ended New Year's Eve.

Its profit amounted to 34 cents per share, compared with a loss of 17 cents per share -- or $113.9 million in all -- during the same quarter in 2009. Analysts expected Sands to earn 38 cents a share on $2.05 billion.

For the full year, Sands earned $407.5 million, compared with a loss of $540.1 million in 2009. Adelson said in a statement that the company's revenue also rose in Las Vegas and Pennsylvania.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

MGM to Expand to India

LAS VEGAS (AP) -- Casino operator MGM Resorts International has agreed to license and operate a non-gambling MGM Grand resort in the Indian city of New Delhi.

The Las Vegas-based company announced a signed agreement Tuesday with Silver Resort Hotel India Private Ltd. to build a 480-room hotel with Skylofts suites and serviced apartments.

MGM Resorts officials say the first project for the MGM Resorts Hospitality arm in India is part of a company effort to expand its brand in Asia and the Middle East.

A spokesman says MGM Resorts Hospitality is a subdivision of the larger casino company. It has made about 17 deals with developers in various countries to build and operate branded resorts.

Development partners provide land and capital. MGM Resorts operates and brands the resorts for a fee.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Largest Nevada Casinos Lose $3.4B During Fiscal 2010

LAS VEGAS -- Nevada gambling regulators say the state's largest casinos lost $3.4 billion during the fiscal year that ended last June 30.

That loss compares with a loss of nearly $6.8 billion during the previous fiscal year. The Nevada Gaming Control Board released its Gaming Abstract on Monday.

It says the 256 casinos that grossed at least $1 million in gambling revenue combined for nearly $21 billion in total revenue. That's down more than 5 percent compared with just over $22 billion in revenue in fiscal 2009.

Regulators say gambling revenue made up nearly $10 billion, just under half of casinos' total revenue. The report says casinos in Clark County, including Las Vegas, generated more than $18 billion in total revenue. 

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Stratosphere Hires New GM After $20M Renovation

LAS VEGAS -- The Stratosphere hotel-casino on the Las Vegas Strip says it has hired Paul Hobson as its general manager as the property begins marketing a $20 million renovation.

Analyst Ups Wynn Resorts Rating

NEW YORK -- An analyst boosted his rating for casino operator Wynn Resorts Ltd. on Tuesday, saying the casino operator is likely to see continued strength in Macau in 2011.

Macau is the only place in China where gambling is legal. On Monday shares of casino operators with properties there, including Wynn, Las Vegas Sands Corp. and MGM Resorts International, climbed after a report showed Macau's December gambling revenue rose 66 percent from the year-ago period.

Aside from Macau, KeyBanc Capital Markets Dennis Forst said in a client note that Wynn should benefit from a strong balance sheet.

Sand Promotes Goldstein to Lead Global Gaming

LAS VEGAS -- Casino operator Las Vegas Sands Corp. says it has promoted Rob Goldstein to president of global gaming operations.

Goldstein currently serves as executive vice president and president of The Venetian and Palazzo resorts in Las Vegas. Las Vegas Sands said Monday executives currently in charge of operations at the Venetian and Palazzo will report to President and Chief Operating Officer Michael Leven until a successor is found for Goldstein.

In his new role, Goldstein will be responsible for Las Vegas Sands' U.S., Macau and Singapore gambling operations. Last month Las Vegas Sands said Chinese government officials rejected its plans to build on two parcels in the Cotai area. Shares of the Sheldon Adelson-led Las Vegas Sands rose 60 cents to $46.55 in morning trading.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Sandoval Names 2 to Gaming Control Board

CARSON CITY, Nev.  -- Gov. Jim Gibbons and Gov.-elect Brian Sandoval announced the appointment of two new members to the Nevada Gaming Control Board. Both are experienced veterans in casino regulation.

Shawn Reid is currently chief of investigations for the agency, and Andrews "A.G". Burnett is deputy chief of the securities division.

Gibbons made the appointments on Friday, which will expire in about a month. Sandoval said he will then reappoint them to four-year terms.

Reid, and Burnett will replace Dennis Neilander, the current chairman of the board who asked not to be reappointed, and Randy Sayre.

Gibbons also named current member Mark Lipparelli as chairman.

(Copyright 2010 by The Associated Press. All Rights Reserved.)