Sands sets first-quarter net loss at $34.6 million

Las Vegas Sands Corp. suffered a first-quarter net loss of $34.6 million, the company reported this afternoon.

The operator of The Venetian and Palazzo on the Strip and two resorts in Macau, said the net loss translated into a loss of 14 cents a share. A year ago, the company had a net loss of $11.2 million, or 3 cents a share.

Companywide, revenues were $1.08 billion, the same as a year ago.

Still, Las Vegas Sands Chairman and Chief Executive Officer Sheldon Adelson saw positives in the quarter that ended March 31. He said cost-cutting measures have saved the company $470 million annually.

"The steady execution of the business plan we presented in November 2008, including the implementation of our cost-savings program, continues to be our primary focus as we navigate through the current challenging economic conditions," Adelson said in a statement.