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Las Vegas Sands (LVS) Q1 Earnings & Revenues Miss Estimates
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Las Vegas Sands Corp. (LVS - Free Report) reported dismal first-quarter 2022 results, with earnings and revenues missing the Zacks Consensus Estimate. The top and the bottom line declined on a year-over-year basis. The downside was mainly caused by reduced visitation and pandemic-related travel restrictions in Macao and Singapore.
Despite the lackluster results, shares of the company gained 1.9% in the after-hours trading session on Apr 27. Positive investor sentiments were witnessed as the company generated positive EBITDA at Marina Bay Sands (in Singapore) and for the company (as a whole), despite the pandemic-related headwinds.
Earnings & Revenue Discussion
During first-quarter 2022, the company reported an adjusted loss per share of 40 cents, wider than the Zacks Consensus Estimate of a loss of 24 cents. In the prior-year quarter, the company had reported an adjusted loss of 25 cents per share. During the quarter under review, interest expenses (net of amounts capitalized) amounted to $156 million compared with $154 million reported in the prior-year quarter.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Quarterly revenues of $943 million missed the consensus mark of $1,142 million by 17.4%. Also, the figure declined 21.2% from $1,196 million reported in the prior-year quarter.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts:
The Venetian Macao
During the first quarter of 2022, net revenues from Venetian Macao were $227 million compared with $340 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 casino, rooms and malls were $157 million, $16 million, and $44 million compared with $266 million, $19 million, and $46 million, respectively, in the prior-year quarter. Convention, Retail and Other revenues were $4 million compared with $3 million reported in the year-ago quarter. Food and beverage revenues came in at $6 million, in line with the prior-year quarter’s levels.
Adjusted property EBITDA during the first quarter totaled $19 million compared with $82 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $636 million and $720 million, respectively, compared with $908 million and $1,231 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $65 million compared with $74 million reported in the prior-year quarter. Occupancy rates came in at 42.7% compared with 47.2% in the prior-year quarter.
The Londoner Macao
During the first quarter, net revenues from The Londoner Macao amounted to $121 million compared with $137 million reported in the prior-year quarter. The downside was primarily caused by a fall in casino and convention, retail and other revenues.
During the quarter, revenues from casino and convention, retail and other totaled $79 million and $1 million compared with $91 million and $6 million, respectively, reported in the prior-year quarter. Food and beverage revenues were $8 million in the reported quarter compared with $7 million in the prior-year quarter. Rooms and mall revenues came in at $19 million and $14 million, respectively, in line with the prior-year quarter levels.
Adjusted property EBITDA in the reported quarter totaled ($33) million compared with ($23) million in the prior-year quarter.
Non-rolling chip drop volumes were $354 million compared with $408 million in the prior-year quarter. Rolling chip drop volumes during the quarter were $369 million compared with $523 million reported in the prior-year quarter
During the quarter, the segment’s hotel RevPAR was $43 million compared with $61 million reported in the prior-year quarter. Occupancy rates came in at 28% compared with 35.5% in the prior-year quarter.
The Parisian Macao
During the first quarter, net revenues from The Parisian Macao were $74 million compared with $87 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 casino, rooms, food and beverage and mall totaled $51 million, $11 million, $3 million and $8 million compared with $59 million, $12 million, $5 million and $10 million, respectively, in the prior-year quarter.
Non-rolling chip drop volumes were $180 million compared with $300 million reported in the prior-year quarter. Meanwhile, rolling chip drop volumes amounted to $160 million compared with $114 million in the year-ago quarter.
The segment’s hotel RevPAR was $49 million compared with $55 million reported in the prior-year quarter. Occupancy rates came in at 41.3% compared with 46.7% in the prior-year quarter.
The Plaza Macao and Four Seasons Macao
During the first quarter, net revenues from The Plaza Macao and Four Seasons Macao were $102 million compared with $170 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 $55 million, $9 million and $34 million compared with $115 million, $11 million and $39 million, respectively, in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $32 million compared with $70 million reported in the prior-year quarter.
Both non-rolling chip drop and rolling chip volumes were $215 million and $574 million compared with $256 million and $1,436 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $157 million compared with $189 million reported in the year-ago quarter. Meanwhile, occupancy rates came in at 35.8% compared with 43.7% in the prior-year quarter.
Sands Macao
During the first quarter, net revenues from Sands Macao were $20 million compared with $35 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 $17 million compared with $31 million reported in the prior-year quarter.
Adjusted property EBITDA in the first quarter totaled ($17) million compared with ($18) million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $77 million and $80 million, respectively, compared with $122 million and $484 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $78 million compared with $99 million in the year-ago quarter. Occupancy rates came in at 57.1% compared with 71.5% in the prior-year quarter.
Marina Bay Sands, Singapore
During the first quarter, net revenues from Marina Bay Sands totaled $399 million compared with $426 million reported in the prior-year quarter. The downside was mainly due to a fall in casino and food and beverage revenues.
During the quarter under review, revenues from casinos and food and beverage totaled $268 million and $31 million compared with $303 million and $33 million reported in the prior-year quarter. Revenues from rooms, mall, convention, retail and other came in at $38 million, $49 million and $13 million compared with $32 million, $47 million and $11 million reported in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $121 million compared with $144 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volumes were $795 million and $1,899 million, respectively, compared with $674 million and $1,512 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $215 million compared with $143 million reported in the prior-year quarter. Occupancy rates came in at 83.8% compared with 63% in the prior-year quarter.
Domestic Operations
Las Vegas
On Feb 23, 2022, the company closed the sale of its Las Vegas Operating Properties and has classified it as a discontinued operation.
For the 53-day period (ended Feb 22, 2022), net revenues from Las Vegas operations came in at $228 million. Adjusted property EBITDA during the period totaled $63 million. RevPAR during the period was $209 million, while occupancy rates came in at 84.6%.
Operating Results
On a consolidated basis, adjusted property EBITDA totaled $110 million in the first quarter of 2022, compared with $244 million reported in the prior-year quarter.
Balance Sheet
As of Mar 31, 2022, unrestricted cash balances amounted to $6.43 billion compared with $1.85 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $14.95 billion compared with $14.77 billion as of Dec 31, 2021.
In the reported quarter, capital expenditures totaled $137 million, thanks to construction, development and maintenance activities of $84 million in Macao and $50 million at Marina Bay Sands.
Zacks Rank & Key Picks
Las Vegas Sands currently has a Zacks Rank #4 (Sell).
The Zacks Consensus Estimate for Funko’s current financial year sales and EPS suggests growth of 22.6% and 26.8%, respectively, from the year-ago period’s reported levels.
Bluegreen Vacations sports a Zacks Rank #1 at present. BVH has a trailing four-quarter earnings surprise of 425.1%, on average. The stock has increased 37.4% in the past year.
The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 8.3% and 20.8%, respectively, from the year-ago period’s reported levels.
Clarus sports a Zacks Rank #1 at present. The company has a trailing four-quarter earnings surprise of 12.3%, on average. Shares of the company have increased 8.6% in the past year.
The Zacks Consensus Estimate for CLAR’s 2022 sales and EPS suggests growth of 25.3% and 23.1%, respectively, from the year-ago period’s levels.
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Las Vegas Sands (LVS) Q1 Earnings & Revenues Miss Estimates
Las Vegas Sands Corp. (LVS - Free Report) reported dismal first-quarter 2022 results, with earnings and revenues missing the Zacks Consensus Estimate. The top and the bottom line declined on a year-over-year basis. The downside was mainly caused by reduced visitation and pandemic-related travel restrictions in Macao and Singapore.
Despite the lackluster results, shares of the company gained 1.9% in the after-hours trading session on Apr 27. Positive investor sentiments were witnessed as the company generated positive EBITDA at Marina Bay Sands (in Singapore) and for the company (as a whole), despite the pandemic-related headwinds.
Earnings & Revenue Discussion
During first-quarter 2022, the company reported an adjusted loss per share of 40 cents, wider than the Zacks Consensus Estimate of a loss of 24 cents. In the prior-year quarter, the company had reported an adjusted loss of 25 cents per share. During the quarter under review, interest expenses (net of amounts capitalized) amounted to $156 million compared with $154 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 $943 million missed the consensus mark of $1,142 million by 17.4%. Also, the figure declined 21.2% from $1,196 million reported in the prior-year quarter.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts:
The Venetian Macao
During the first quarter of 2022, net revenues from Venetian Macao were $227 million compared with $340 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 casino, rooms and malls were $157 million, $16 million, and $44 million compared with $266 million, $19 million, and $46 million, respectively, in the prior-year quarter. Convention, Retail and Other revenues were $4 million compared with $3 million reported in the year-ago quarter. Food and beverage revenues came in at $6 million, in line with the prior-year quarter’s levels.
Adjusted property EBITDA during the first quarter totaled $19 million compared with $82 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $636 million and $720 million, respectively, compared with $908 million and $1,231 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $65 million compared with $74 million reported in the prior-year quarter. Occupancy rates came in at 42.7% compared with 47.2% in the prior-year quarter.
The Londoner Macao
During the first quarter, net revenues from The Londoner Macao amounted to $121 million compared with $137 million reported in the prior-year quarter. The downside was primarily caused by a fall in casino and convention, retail and other revenues.
During the quarter, revenues from casino and convention, retail and other totaled $79 million and $1 million compared with $91 million and $6 million, respectively, reported in the prior-year quarter. Food and beverage revenues were $8 million in the reported quarter compared with $7 million in the prior-year quarter. Rooms and mall revenues came in at $19 million and $14 million, respectively, in line with the prior-year quarter levels.
Adjusted property EBITDA in the reported quarter totaled ($33) million compared with ($23) million in the prior-year quarter.
Non-rolling chip drop volumes were $354 million compared with $408 million in the prior-year quarter. Rolling chip drop volumes during the quarter were $369 million compared with $523 million reported in the prior-year quarter
During the quarter, the segment’s hotel RevPAR was $43 million compared with $61 million reported in the prior-year quarter. Occupancy rates came in at 28% compared with 35.5% in the prior-year quarter.
The Parisian Macao
During the first quarter, net revenues from The Parisian Macao were $74 million compared with $87 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 casino, rooms, food and beverage and mall totaled $51 million, $11 million, $3 million and $8 million compared with $59 million, $12 million, $5 million and $10 million, respectively, in the prior-year quarter.
Non-rolling chip drop volumes were $180 million compared with $300 million reported in the prior-year quarter. Meanwhile, rolling chip drop volumes amounted to $160 million compared with $114 million in the year-ago quarter.
The segment’s hotel RevPAR was $49 million compared with $55 million reported in the prior-year quarter. Occupancy rates came in at 41.3% compared with 46.7% in the prior-year quarter.
The Plaza Macao and Four Seasons Macao
During the first quarter, net revenues from The Plaza Macao and Four Seasons Macao were $102 million compared with $170 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 $55 million, $9 million and $34 million compared with $115 million, $11 million and $39 million, respectively, in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $32 million compared with $70 million reported in the prior-year quarter.
Both non-rolling chip drop and rolling chip volumes were $215 million and $574 million compared with $256 million and $1,436 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $157 million compared with $189 million reported in the year-ago quarter. Meanwhile, occupancy rates came in at 35.8% compared with 43.7% in the prior-year quarter.
Sands Macao
During the first quarter, net revenues from Sands Macao were $20 million compared with $35 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 $17 million compared with $31 million reported in the prior-year quarter.
Adjusted property EBITDA in the first quarter totaled ($17) million compared with ($18) million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $77 million and $80 million, respectively, compared with $122 million and $484 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $78 million compared with $99 million in the year-ago quarter. Occupancy rates came in at 57.1% compared with 71.5% in the prior-year quarter.
Marina Bay Sands, Singapore
During the first quarter, net revenues from Marina Bay Sands totaled $399 million compared with $426 million reported in the prior-year quarter. The downside was mainly due to a fall in casino and food and beverage revenues.
During the quarter under review, revenues from casinos and food and beverage totaled $268 million and $31 million compared with $303 million and $33 million reported in the prior-year quarter. Revenues from rooms, mall, convention, retail and other came in at $38 million, $49 million and $13 million compared with $32 million, $47 million and $11 million reported in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $121 million compared with $144 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volumes were $795 million and $1,899 million, respectively, compared with $674 million and $1,512 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $215 million compared with $143 million reported in the prior-year quarter. Occupancy rates came in at 83.8% compared with 63% in the prior-year quarter.
Domestic Operations
Las Vegas
On Feb 23, 2022, the company closed the sale of its Las Vegas Operating Properties and has classified it as a discontinued operation.
For the 53-day period (ended Feb 22, 2022), net revenues from Las Vegas operations came in at $228 million. Adjusted property EBITDA during the period totaled $63 million. RevPAR during the period was $209 million, while occupancy rates came in at 84.6%.
Operating Results
On a consolidated basis, adjusted property EBITDA totaled $110 million in the first quarter of 2022, compared with $244 million reported in the prior-year quarter.
Balance Sheet
As of Mar 31, 2022, unrestricted cash balances amounted to $6.43 billion compared with $1.85 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $14.95 billion compared with $14.77 billion as of Dec 31, 2021.
In the reported quarter, capital expenditures totaled $137 million, thanks to construction, development and maintenance activities of $84 million in Macao and $50 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 Consumer Discretionary sector are Funko, Inc. (FNKO - Free Report) , Bluegreen Vacations Holding Corporation and Clarus Corporation (CLAR - Free Report) .
Funko sports a Zacks Rank #1 (Strong Buy) at present. FNKO has a trailing four-quarter earnings surprise of 96.2%, on average. Shares of the company have declined 24.5% in the past year.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Funko’s current financial year sales and EPS suggests growth of 22.6% and 26.8%, respectively, from the year-ago period’s reported levels.
Bluegreen Vacations sports a Zacks Rank #1 at present. BVH has a trailing four-quarter earnings surprise of 425.1%, on average. The stock has increased 37.4% in the past year.
The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 8.3% and 20.8%, respectively, from the year-ago period’s reported levels.
Clarus sports a Zacks Rank #1 at present. The company has a trailing four-quarter earnings surprise of 12.3%, on average. Shares of the company have increased 8.6% in the past year.
The Zacks Consensus Estimate for CLAR’s 2022 sales and EPS suggests growth of 25.3% and 23.1%, respectively, from the year-ago period’s levels.