Las Vegas Sands Corp. (LVS - Free Report) reported lower-than-expected results in third-quarter 2018. Earnings missed the Zacks Consensus Estimate for the second straight quarter and revenues lagged the same after beating in the trailing six quarters. The results did not lead to much movement in the stock. Meanwhile, the stock has declined 16.9% in a year’s time compared with the industry’s fall of 24.3%.
Adjusted earnings per share came in at 77 cents, flat year over year but below the consensus mark of 84 cents. Net revenues totaled $3.37 billion, missing the consensus mark of $3.41 billion but improving 6.7% on a year-over-year basis.
The quarterly results were primarily driven by increased revenues at casino, rooms and mall. Further, revenues from Macao operations were robust. Meanwhile, Las Vegas revenues declined in the quarter. At the moment, the company is focusing on expanding the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and the Londoner Macao to enhance its resort portfolio.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts:
The Venetian Macao
Net revenues increased 22.1% year over year to $857 million on 22.2% rise in casino revenues, 31.8% growth in room revenues, 10.5% uptick in food and beverage revenues and 9.1% improvement in mall revenues. Revenues convention and retail and other revenues rose 45% each.
Adjusted property EBITDA was up 30.3% year over year to $344 million in the quarter under review.
Non-rolling chip drop increased 15% and rolling chip volume improved 7.6%.
Sands Cotai Central
Net revenues were up 15% year over year to $537 million driven by a 17.3% increase in casino revenues, 9% rise in room revenues, 26.7% improvement in mall revenues and 14.3% growth in convention, retail and other revenues. However, food and beverage revenues fell 3.8% from the year-ago level.
Adjusted property EBITDA was $188 million, up 22.1% year over year.
While non-rolling chip drop rose 14.4%, rolling chip volume fell 9.9%.
The Parisian Macao
Revenues came in at $389 million, showing a decrease of 5.4% year over year. The decline was due to a 5.9% fall in casino revenues, 11.8% drop in room revenues and 18.8% slump in mall revenues. However, food and beverage revenues increased 13.3%.
Adjusted property EBITDA fell 10.3% year over year to $122 million.
Non-rolling chip drop improved 4.5%, while rolling chip volume declined 25.8%.
The Plaza Macao and Four Seasons Hotel Macao
Net revenues rose 19.3% to $167 million on a 24.7% increase in casino revenues as well as 25% and 6.5% increase in room revenues and mall revenues, respectively. However, food and beverage revenues decreased 14.3%.
Adjusted property EBITDA increased 3.9% to $53 million.
Rolling chip volume increased 28.7% while non-rolling chip drop fell 3.7%.
Sands Macao
Revenues were up 12.7% year over year to $160 million owing to a 12.3% gain in casino revenues and a 200% rise in convention, retail and other revenues. However, room revenues declined 20%.
Adjusted property EBITDA remained flat at $41 million.
While rolling chip volume was up 164.6%, non-rolling chip drop increased 2.7%.
Marina Bay Sands, Singapore
Net revenues fell 2.9% year over year to $766 million due to an 8.7% decline in casino revenues. Nevertheless, Rooms revenues as well as convention, retail and other revenues rose 12.8% and 29.2%, respectively. Mall as well as food and beverage revenues also increased a respective 4.8% and 15.2%.
Adjusted property EBITDA in the quarter was $419 million, down 5.2%.
Both Non-rolling chip drop and rolling chip volume declined 1.2% and 24.9%, respectively.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
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Las Vegas Sands Corp. (LVS - Free Report) reported lower-than-expected results in third-quarter 2018. Earnings missed the Zacks Consensus Estimate for the second straight quarter and revenues lagged the same after beating in the trailing six quarters. The results did not lead to much movement in the stock. Meanwhile, the stock has declined 16.9% in a year’s time compared with the industry’s fall of 24.3%.
Adjusted earnings per share came in at 77 cents, flat year over year but below the consensus mark of 84 cents. Net revenues totaled $3.37 billion, missing the consensus mark of $3.41 billion but improving 6.7% on a year-over-year basis.
The quarterly results were primarily driven by increased revenues at casino, rooms and mall. Further, revenues from Macao operations were robust. Meanwhile, Las Vegas revenues declined in the quarter. At the moment, the company is focusing on expanding the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and the Londoner Macao to enhance its resort portfolio.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts:
The Venetian Macao
Net revenues increased 22.1% year over year to $857 million on 22.2% rise in casino revenues, 31.8% growth in room revenues, 10.5% uptick in food and beverage revenues and 9.1% improvement in mall revenues. Revenues convention and retail and other revenues rose 45% each.
Adjusted property EBITDA was up 30.3% year over year to $344 million in the quarter under review.
Non-rolling chip drop increased 15% and rolling chip volume improved 7.6%.
Sands Cotai Central
Net revenues were up 15% year over year to $537 million driven by a 17.3% increase in casino revenues, 9% rise in room revenues, 26.7% improvement in mall revenues and 14.3% growth in convention, retail and other revenues. However, food and beverage revenues fell 3.8% from the year-ago level.
Adjusted property EBITDA was $188 million, up 22.1% year over year.
While non-rolling chip drop rose 14.4%, rolling chip volume fell 9.9%.
The Parisian Macao
Revenues came in at $389 million, showing a decrease of 5.4% year over year. The decline was due to a 5.9% fall in casino revenues, 11.8% drop in room revenues and 18.8% slump in mall revenues. However, food and beverage revenues increased 13.3%.
Adjusted property EBITDA fell 10.3% year over year to $122 million.
Non-rolling chip drop improved 4.5%, while rolling chip volume declined 25.8%.
The Plaza Macao and Four Seasons Hotel Macao
Net revenues rose 19.3% to $167 million on a 24.7% increase in casino revenues as well as 25% and 6.5% increase in room revenues and mall revenues, respectively. However, food and beverage revenues decreased 14.3%.
Adjusted property EBITDA increased 3.9% to $53 million.
Rolling chip volume increased 28.7% while non-rolling chip drop fell 3.7%.
Sands Macao
Revenues were up 12.7% year over year to $160 million owing to a 12.3% gain in casino revenues and a 200% rise in convention, retail and other revenues. However, room revenues declined 20%.
Adjusted property EBITDA remained flat at $41 million.
While rolling chip volume was up 164.6%, non-rolling chip drop increased 2.7%.
Marina Bay Sands, Singapore
Net revenues fell 2.9% year over year to $766 million due to an 8.7% decline in casino revenues. Nevertheless, Rooms revenues as well as convention, retail and other revenues rose 12.8% and 29.2%, respectively. Mall as well as food and beverage revenues also increased a respective 4.8% and 15.2%.
Adjusted property EBITDA in the quarter was $419 million, down 5.2%.
Both Non-rolling chip drop and rolling chip volume declined 1.2% and 24.9%, respectively.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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