Las Vegas Sands beats Q1 earnings and revenue estimates

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Las Vegas Sands beats Q1 earnings and revenue estimates
Credit: © Reuters.

NEW YORK - Las Vegas Sands Corp. (NYSE: LVS ) surpassed Wall Street expectations in the first quarter, with both earnings and revenue exceeding analyst estimates.

The casino and resort operator reported adjusted earnings per share (EPS) of $0.75, which was $0.14 higher than the consensus estimate of $0.61. Revenue for the quarter also outperformed, coming in at $2.96 billion against the anticipated $2.94 billion.

The company's financial strength was on display as it reported a significant year-over-year (YoY) increase in net revenue, up from $2.12 billion in the same period last year. The robust performance was partly attributed to strong growth in Macao and Singapore, as indicated by the company's chairman and chief executive officer, Robert G. Goldstein. He expressed satisfaction with the quarter's financial and operating results, highlighting the continued recovery in Macao and record levels of financial and operational performance at Marina Bay Sands in Singapore.

Las Vegas Sands' stock saw a modest uptick of +0.90% in aftermarket trading, reflecting investor contentment with the earnings and revenue beat. The company's share repurchase program also signaled confidence, with $450 million worth of common stock bought back during the quarter.

The company's presence in Macao was particularly noteworthy, with adjusted property EBITDA for the region reaching $610 million. However, a low hold on rolling play in Macao had a negative impact of $31 million on adjusted property EBITDA. Conversely, Marina Bay Sands' adjusted property EBITDA stood at $597 million, benefiting from a high hold on rolling play which positively impacted EBITDA by $77 million.

Las Vegas Sands remains committed to capital investment programs in both Macao and Singapore, with Goldstein emphasizing the company's enthusiasm for delivering industry-leading growth in the years ahead. The company's pursuit of growth opportunities in new markets and its program to return excess capital to stockholders were also highlighted as key elements of its strategy moving forward.

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