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Las Vegas Sands (LVS) Q3 Earnings Miss Estimates, Revenues Top
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Las Vegas Sands Corp. (LVS - Free Report) reported mixed third-quarter 2022 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. However, the top and the bottom line increased on a year-over-year basis.
Robert G. Goldstein, chairman and chief executive officer, Las Vegas Sands, stated, "While travel restrictions continued to impact our financial results this quarter, we were pleased to see further progress in Singapore's recovery. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are able to travel to both Singapore and Macao."
Earnings & Revenue Discussion
During third-quarter 2022, the company reported an adjusted loss per share of 27 cents, wider than the Zacks Consensus Estimate of a loss of 20 cents. In the prior-year quarter, the company reported an adjusted loss of 45 cents per share. During the quarter under review, interest expenses (net of amounts capitalized) amounted to $183 million compared with $157 million reported in the prior-year quarter.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Quarterly revenues of $1,005 million beat the consensus mark of $976 million by 3%. Also, the figure increased 17.3% from the $857 million reported in the prior-year quarter.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts:
The Venetian Macao
During the third quarter of 2022, net revenues from Venetian Macao were $104 million compared with $253 million reported in the prior-year quarter. The downside was caused by a decline in casino, rooms and mall revenues.
During the quarter, revenues from casinos, rooms and malls were $60 million, $10 million and $27 million compared with $176 million, $18 million and $49 million, respectively, in the prior-year quarter. Convention, Retail and Other revenues were $4 million, flat year over year. Food and beverage revenues came in at $3 million compared with $6 million reported in the year-ago quarter.
Adjusted property EBITDA during the third quarter totaled ($37) million against $40 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $292 million and $115 million, respectively, compared with $632 million and $781 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $50 million compared with $72 million reported in the prior-year quarter. Occupancy rates came in at 36.7% compared with 48.4% in the prior-year quarter.
The Londoner Macao
During the third quarter, net revenues from The Londoner Macao amounted to $57 million compared with $123 million reported in the prior-year quarter. The downside was caused by a fall in casino, rooms, food and beverage and mall revenues.
During the quarter, revenues from casinos, rooms, food and beverage and mall totaled $24 million, $10 million, $4 million and $9 million compared with $80 million, $22 million, $6 million and $13 million, respectively, in the prior-year quarter. During the quarter, revenues from convention, retail and other totaled $10 million compared with $2 million reported in the prior-year quarter. Adjusted property EBITDA in the reported quarter totaled ($60) million compared with ($33) million reported in the prior-year quarter.
Non-rolling chip drop volumes were $116 million compared with $388 million reported in the prior-year quarter. Rolling chip drop volumes during the quarter were $179 million compared with $1,266 million reported in the prior-year quarter
During the quarter, the segment’s hotel RevPAR was $37 million compared with $60 million reported in the prior-year quarter. Occupancy rates came in at 23.2% compared with 38.8% in the prior-year quarter.
The Parisian Macao
During the third quarter, net revenues from The Parisian Macao were $21 million compared with $102 million reported in the prior-year quarter. The downside was primarily due to a decline in casino, rooms, food and beverage and mall revenues.
During the quarter, revenues from casinos, rooms, food and beverage and mall totaled $8 million, $5 million, $1 million and $5 million compared with $75 million, $12 million, $4 million and $10 million, respectively, in the prior-year quarter.
Non-rolling chip drop volumes were $60 million compared with $246 million reported in the prior-year quarter. Rolling chip drop volumes amounted to $26 million compared with $175 million in the year-ago quarter.
The segment’s hotel RevPAR was $36 million compared with $61 million reported in the prior-year quarter. Occupancy rates came in at 37.1% compared with 52.5% in the prior-year quarter.
The Plaza Macao and Four Seasons Macao
During the third quarter, net revenues from The Plaza Macao and Four Seasons Macao were $57 million compared with $111 million reported in the prior-year quarter. The downside can be attributed to a fall in casino, rooms and mall revenues.
During the quarter, casino, rooms and mall revenues came in at $27 million, $5 million and $23 million compared with $44 million, $11 million and $52 million, respectively, in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $6 million compared with $42 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $90 million and $212 million compared with $269 million and $308 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $90 million compared with $181 million reported in the year-ago quarter. Occupancy rates came in at 19.8% compared with 41.3% in the prior-year quarter.
Sands Macao
During the third quarter, net revenues from Sands Macao were $11 million compared with $20 million reported in the prior-year quarter. The downside was primarily due to a decline in casino revenues. In the quarter under review, casino revenues totaled $8 million compared with $16 million reported in the prior-year quarter.
Adjusted property EBITDA in the third quarter totaled ($22) million compared with ($21) million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $47 million and $16 million, respectively, compared with $89 million and $137 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $69 million compared with $85 million in the year-ago quarter. Occupancy rates came in at 43.8% compared with 63.2% in the prior-year quarter.
Marina Bay Sands, Singapore
During the third quarter, net revenues from Marina Bay Sands totaled $756 million compared with $249 million reported in the prior-year quarter. The upside was primarily driven by an increase in casino, rooms, mall and food and beverage revenues.
During the quarter under review, revenues from casinos and food and beverage totaled $510 million and $71 million compared with $142 million and $21 million reported in the prior-year quarter. Revenues from rooms, mall, convention, retail and other came in at $92 million, $55 million and $28 million compared with $35 million, $41 million and $10 million, respectively, reported in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $343 million compared with $15 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volumes were $1,258 million and $6,837 million, respectively, compared with $638 million and $459 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $494 million compared with $169 million reported in the prior-year quarter. Occupancy rates were 96% compared with 71.7% in the prior-year quarter.
Operating Results
On a consolidated basis, adjusted property EBITDA totaled $191 million in the third quarter of 2022, compared with $47 million reported in the prior-year quarter.
Balance Sheet
As of Sep 30, 2022, unrestricted cash balances amounted to $5.84 billion compared with $6.45 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $15.27 billion compared with $15.35 billion as of Jun 30, 2022.
In the reported quarter, capital expenditures totaled $169 million, thanks to construction, development and maintenance activities of $48 million in Macao and $108 million at Marina Bay Sands.
Zacks Rank & Key Picks
Las Vegas Sands currently has a Zacks Rank #4 (Sell).
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 49.7% and 20.7%, respectively, from the year-ago period’s levels.
Hyatt sports a Zacks Rank #1. H has a trailing four-quarter earnings surprise of 798.8%, on average. The stock has inched up 4.4% in the past year.
The Zacks Consensus Estimate for H’s current financial year sales and EPS indicates a surge of 89.1% and 113%, respectively, from the year-ago period’s reported levels.
Boyd Gaming carries a Zacks Rank #2 (Buy). BYD has a long-term earnings growth rate of 11.4%. The stock has declined 19.8% in the past year.
The Zacks Consensus Estimate for BYD’s current financial year sales and EPS indicates growth of 3.1% and 7.2%, respectively, from the year-ago period’s reported levels.
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Las Vegas Sands (LVS) Q3 Earnings Miss Estimates, Revenues Top
Las Vegas Sands Corp. (LVS - Free Report) reported mixed third-quarter 2022 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. However, the top and the bottom line increased on a year-over-year basis.
Robert G. Goldstein, chairman and chief executive officer, Las Vegas Sands, stated, "While travel restrictions continued to impact our financial results this quarter, we were pleased to see further progress in Singapore's recovery. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are able to travel to both Singapore and Macao."
Earnings & Revenue Discussion
During third-quarter 2022, the company reported an adjusted loss per share of 27 cents, wider than the Zacks Consensus Estimate of a loss of 20 cents. In the prior-year quarter, the company reported an adjusted loss of 45 cents per share. During the quarter under review, interest expenses (net of amounts capitalized) amounted to $183 million compared with $157 million reported in the prior-year quarter.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Las Vegas Sands Corp. price-consensus-eps-surprise-chart | Las Vegas Sands Corp. Quote
Quarterly revenues of $1,005 million beat the consensus mark of $976 million by 3%. Also, the figure increased 17.3% from the $857 million reported in the prior-year quarter.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts:
The Venetian Macao
During the third quarter of 2022, net revenues from Venetian Macao were $104 million compared with $253 million reported in the prior-year quarter. The downside was caused by a decline in casino, rooms and mall revenues.
During the quarter, revenues from casinos, rooms and malls were $60 million, $10 million and $27 million compared with $176 million, $18 million and $49 million, respectively, in the prior-year quarter. Convention, Retail and Other revenues were $4 million, flat year over year. Food and beverage revenues came in at $3 million compared with $6 million reported in the year-ago quarter.
Adjusted property EBITDA during the third quarter totaled ($37) million against $40 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $292 million and $115 million, respectively, compared with $632 million and $781 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $50 million compared with $72 million reported in the prior-year quarter. Occupancy rates came in at 36.7% compared with 48.4% in the prior-year quarter.
The Londoner Macao
During the third quarter, net revenues from The Londoner Macao amounted to $57 million compared with $123 million reported in the prior-year quarter. The downside was caused by a fall in casino, rooms, food and beverage and mall revenues.
During the quarter, revenues from casinos, rooms, food and beverage and mall totaled $24 million, $10 million, $4 million and $9 million compared with $80 million, $22 million, $6 million and $13 million, respectively, in the prior-year quarter. During the quarter, revenues from convention, retail and other totaled $10 million compared with $2 million reported in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled ($60) million compared with ($33) million reported in the prior-year quarter.
Non-rolling chip drop volumes were $116 million compared with $388 million reported in the prior-year quarter. Rolling chip drop volumes during the quarter were $179 million compared with $1,266 million reported in the prior-year quarter
During the quarter, the segment’s hotel RevPAR was $37 million compared with $60 million reported in the prior-year quarter. Occupancy rates came in at 23.2% compared with 38.8% in the prior-year quarter.
The Parisian Macao
During the third quarter, net revenues from The Parisian Macao were $21 million compared with $102 million reported in the prior-year quarter. The downside was primarily due to a decline in casino, rooms, food and beverage and mall revenues.
During the quarter, revenues from casinos, rooms, food and beverage and mall totaled $8 million, $5 million, $1 million and $5 million compared with $75 million, $12 million, $4 million and $10 million, respectively, in the prior-year quarter.
Non-rolling chip drop volumes were $60 million compared with $246 million reported in the prior-year quarter. Rolling chip drop volumes amounted to $26 million compared with $175 million in the year-ago quarter.
The segment’s hotel RevPAR was $36 million compared with $61 million reported in the prior-year quarter. Occupancy rates came in at 37.1% compared with 52.5% in the prior-year quarter.
The Plaza Macao and Four Seasons Macao
During the third quarter, net revenues from The Plaza Macao and Four Seasons Macao were $57 million compared with $111 million reported in the prior-year quarter. The downside can be attributed to a fall in casino, rooms and mall revenues.
During the quarter, casino, rooms and mall revenues came in at $27 million, $5 million and $23 million compared with $44 million, $11 million and $52 million, respectively, in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $6 million compared with $42 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $90 million and $212 million compared with $269 million and $308 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $90 million compared with $181 million reported in the year-ago quarter. Occupancy rates came in at 19.8% compared with 41.3% in the prior-year quarter.
Sands Macao
During the third quarter, net revenues from Sands Macao were $11 million compared with $20 million reported in the prior-year quarter. The downside was primarily due to a decline in casino revenues. In the quarter under review, casino revenues totaled $8 million compared with $16 million reported in the prior-year quarter.
Adjusted property EBITDA in the third quarter totaled ($22) million compared with ($21) million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $47 million and $16 million, respectively, compared with $89 million and $137 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $69 million compared with $85 million in the year-ago quarter. Occupancy rates came in at 43.8% compared with 63.2% in the prior-year quarter.
Marina Bay Sands, Singapore
During the third quarter, net revenues from Marina Bay Sands totaled $756 million compared with $249 million reported in the prior-year quarter. The upside was primarily driven by an increase in casino, rooms, mall and food and beverage revenues.
During the quarter under review, revenues from casinos and food and beverage totaled $510 million and $71 million compared with $142 million and $21 million reported in the prior-year quarter. Revenues from rooms, mall, convention, retail and other came in at $92 million, $55 million and $28 million compared with $35 million, $41 million and $10 million, respectively, reported in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $343 million compared with $15 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volumes were $1,258 million and $6,837 million, respectively, compared with $638 million and $459 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $494 million compared with $169 million reported in the prior-year quarter. Occupancy rates were 96% compared with 71.7% in the prior-year quarter.
Operating Results
On a consolidated basis, adjusted property EBITDA totaled $191 million in the third quarter of 2022, compared with $47 million reported in the prior-year quarter.
Balance Sheet
As of Sep 30, 2022, unrestricted cash balances amounted to $5.84 billion compared with $6.45 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $15.27 billion compared with $15.35 billion as of Jun 30, 2022.
In the reported quarter, capital expenditures totaled $169 million, thanks to construction, development and maintenance activities of $48 million in Macao and $108 million at Marina Bay Sands.
Zacks Rank & Key Picks
Las Vegas Sands currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are Crocs, Inc. (CROX - Free Report) , Hyatt Hotels Corporation (H - Free Report) and Boyd Gaming Corporation (BYD - Free Report) .
Crocs sports a Zacks Rank #1 (Strong Buy). CROX has a long-term earnings growth rate of 15%. Shares of Crocs have decreased 43.3% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 49.7% and 20.7%, respectively, from the year-ago period’s levels.
Hyatt sports a Zacks Rank #1. H has a trailing four-quarter earnings surprise of 798.8%, on average. The stock has inched up 4.4% in the past year.
The Zacks Consensus Estimate for H’s current financial year sales and EPS indicates a surge of 89.1% and 113%, respectively, from the year-ago period’s reported levels.
Boyd Gaming carries a Zacks Rank #2 (Buy). BYD has a long-term earnings growth rate of 11.4%. The stock has declined 19.8% in the past year.
The Zacks Consensus Estimate for BYD’s current financial year sales and EPS indicates growth of 3.1% and 7.2%, respectively, from the year-ago period’s reported levels.