Las Vegas Sands reported their second quarter results today and the story is that net income is down this quarter, mostly due to higher costs.
Net income was $34.4 million from $109.3 million a year ago. Big drop... Well, they are about to open the Venetian Macau so they clearly have a reason to be spending money this quarter. Revenues were up to $612.9 million from $517 million so unless they get spend happy next time around, this is likely no huge deal.
Update: Looking at some of the numbers, at The Venetian in Las Vegas the ADR (average daily rate) was up $266, almost 10%. Other metrics like the drop were also up - fundamentals look solid.