Earnings Call Excerpt
Las Vegas Sands, (LVS)
Q2 2006 Earnings Conference Call
August 2, 2006, 4:30 p.m. EST
Executives:
William Weidner, President and Chief Operating Officer
Sheldon G. Adelson, Chairman
Brad Stone, Executive Vice President
Scott Henry, Senior Vice President
Rob Goldstein, President of the Venetian Las Vegas
Bob Rozek, Chief Financial Officer
Analysts:
Felicia Hendricks, Lehman Brothers
Lawrence Klatzkin, Jefferies & Company
Robin Farley, UBS
Steven Kent, Goldman Sachs
Celeste Brown, Morgan Stanley
Dennis Forst, Keybanc Capital Markets
David Anders, Merrill Lynch
Jeremy Cogan, Banc of America Securities
Harry Curtis, JP Morgan
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the Second Quarter 2006 Las Vegas Sands Corporation Earnings Conference Call. My name is Shanik and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question and answer session towards the end of this conference. If at any time during the call you require assistance please press * followed by 0 and an operator will be happy to assist you. I would now like to turn the presentation over to your host for today’s call Mr. Bill Weidner. Please proceed.
William Weidner, President and Chief Operating Officer
Thank you and good afternoon everyone, and thank you all for joining us today. We appreciate your attendance. We have a lot to talk about, and again we appreciate you joining us today. With me today are Mr. Sheldon Adelson, our Chairman; Brad Stone, Executive Vice President; Rob Goldstein, Vice President of the Venetian here in Las Vegas; Scott Henry, our Senior Vice President; and Bob Rozek, our Chief Financial Officer.
Before we begin I need to remind you that today’s conference call contains forward-looking statements that we are making under the Safe Harbor provisions of the federal securities laws. I would also like to caution you that the Company’s actual results could differ materially from the anticipated results in those forward-looking statements. Please see today’s press release under the caption ?forward-looking statements? for the discussion of the risks that may affect our results. In addition, we may discuss adjusted EBITDA, adjusted net income, adjusted EPS, and adjusted property EBITDAR, which are non-GAAP measures. A definition and a reconciliation of these measures to the most comparable GAAP financial measure is included in the press release and please note that this presentation is being recorded.
By now you should have received our press release detailing our financial results. Before we address those results in greater detail I wanted to spend a few moments on two developments in the quarter that will be very important to the Company in the years ahead. The first development I wanted to highlight is the situation we see playing out in the market place in Macao. Those of you who have followed the Company for sometime may remember that as we opened the Sands Macao in 2004 the conventional wisdom of the day about the Macao market place was that a foreign operator could not be successful there. The incumbent Stanley Ho was too strong, he owned the ferries, had dominated the VIP market which we really couldn’t compete in. And with a clean well-lit casino with friendly customer oriented staff it was bound to fail. After all Macao customers prefer low ceiling smoky casinos and the product we envisioned would overshoot the market and intimidate the customer.
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