The Q4 2008 numbers are in for LVS - the first major operator to report their results.
Looks like an operating loss of $34.4 million, down from income of $133.6 million in the same quarter last year (GAAP). Adjusted, it's a $17.1 million loss vs. a previous year Q4 income of $71.1 million.
In Las Vegas, occupancy was 93.7% for the quarter - better than I expected (though not broken out by property). In Macau, occupancy was at 90%. While not providing figures, the company admits that the Four Seasons Cotai has been slower to ramp-up than they would have liked.
The company believes it can save $250 million a year through a new efficiency program (read: likely layoffs, hour reductions, etc...).
They have gotten their average borrowing rate down to around 3%, which is pretty good considering it used to be almost twice that.
We will no doubt be discussing tomorrow on our next episode of the Vegas Gang.
Updated: Management said that they don't see any market segment where they could really raise room rates other than perhaps in the group segment.
They are working to try to combat the recent national sentiment that seems to be pointing at Vegas based business trips as some sort of 'boondoggle'.