Las Vegas Sands has a market cap of $41.82 billion; its shares were traded at around $51.45 with a P/E ratio of 24.1 and P/S ratio of 4.4. The dividend yield of Las Vegas Sands stocks is 1.8%. Las Vegas Sands had an annual average earning growth of 14.7% over the past 10 years.
Highlight of Business Operations:We own and operate the Sands Bethlehem, a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. Sands Bethlehem currently features approximately 152,000 square feet of gaming space; a 300-room hotel tower, which opened in May 2011; a 150,000-square-foot retail facility, with a progressive opening that began in November 2011; an arts and cultural center; and is the broadcast home of the local PBS affiliate. We have recommenced construction on the remaining component of the integrated resort, a 50,000-square-foot multipurpose event center (expected to open in the second quarter of 2012). Sands Bethlehem is also expected to be home to the National Museum of Industrial History. We own 86% of the economic interest in the gaming, hotel and entertainment portion of the property through our ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest in the retail portion of the property through our ownership interest in Sands Bethworks Retail LLC. Approximately 89.5% and 92.0% of the gross revenue at Sands Bethlehem for the three months ended March 31, 2012 and 2011, respectively, was derived from gaming activities, with the remainder derived from food and beverage and other non-gaming sources.
Casino revenue measurements for the U.S.: The volume measurements in the U.S. are table games drop and slot handle, as previously described. We view table games win as a percentage of drop and slot hold as a percentage of handle. As in Macao and Singapore, slot machine play is generally conducted on a cash basis. Based upon our mix of table games, our table games have produced a trailing 12-month win percentage (calculated before discounts) of 17.9% and 14.8% at our Las Vegas Operating Properties and at Sands Bethlehem, respectively. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 8.7% and 7.2% at our Las Vegas Operating Properties and at Sands Bethlehem, respectively. Actual win may vary from the trailing 12-month win and hold percentages. Approximately 75.6% of our table games play in Las Vegas, for three months ended March 31, 2012, was conducted on a credit basis, while our table games play in Pennsylvania is primarily conducted on a cash basis.
Consolidated net revenues were $2.76 billion for the three months ended March 31, 2012, an increase of $650.8 million compared to $2.11 billion for the three months ended March 31, 2011. The increase in net revenues was driven by an increase of $290.1 million across all of our Macao operations and a $263.7 million increase at Marina Bay Sands.
Room, food and beverage, mall and convention, retail and other expenses increased $4.3 million, $6.6 million, $4.2 million and $4.4 million, respectively, compared to the three months ended March 31, 2011. The increases were driven by the associated increases in the related revenues described above.
On February 28, 2012, SCL paid a dividend of 0.58 Hong Kong dollars per share (a total of $599.8 million) to SCL shareholders of record on February 20, 2012 (of which we retained $421.6 million). On March 30, 2012, we paid a dividend of $0.25 per common share as part of a regular cash dividend program. During the three months ended March 31, 2012, we recorded $205.7 million as a distribution against retained earnings (of which $107.8 million related to our Principal Stockholders family). In April 2012, our Board of Directors declared a quarterly dividend of $0.25 per common share (a total estimated to be approximately $206 million) to be paid on June 29, 2012, to shareholders of record on June 20, 2012.
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