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Las Vegas Sands (LVS) Q4 Earnings & Revenues Lag Estimates
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Las Vegas Sands Corp. (LVS - Free Report) reported fourth-quarter 2022 results, with earnings and revenues missing the Zacks Consensus Estimate. However, the top and the bottom line improved on a year-over-year basis.
Following the announcement, the company’s shares increased 4.5% in the after-hour trading session on Jan 25. Positive investor sentiments were witnessed as the company reported significant improvement in property visitation, gaming volumes, retail sales and hotel occupancy in the Macao region. Also, the relaxation of travel restrictions (of a wider region) and improved airlift capacity added to the positives.
Robert G. Goldstein, chairman and CEO, stated, "While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, we remain confident in a robust recovery in travel and tourism spending across our markets and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead."
Earnings & Revenue Discussion
During fourth-quarter 2022, the company reported an adjusted loss per share of 19 cents, wider than the Zacks Consensus Estimate of a loss of 10 cents. In the prior-year quarter, the company reported an adjusted loss of 22 cents per share. During the quarter under review, interest expenses (net of amounts capitalized) amounted to $201 million compared with $152 million reported in the prior-year quarter.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Quarterly revenues of $1,117 million missed the consensus mark of $1,190 million by 6%. However, the figure increased 10.8% from the $1,008 million reported in the prior-year quarter.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts:
The Venetian Macao
During the fourth quarter of 2022, net revenues from Venetian Macao were $201 million compared with $272 million reported in the prior-year quarter. The downside was caused by a decline in casino and mall revenues.
During the quarter, revenues from casinos, rooms and malls were $130 million, $17 million and $43 million compared with $195 million, $16 million and $51 million, respectively, in the prior-year quarter. Convention, Retail and Other revenues were $6 million, compared with $5 million reported in the prior-year quarter. Food and beverage revenues came in at $5 million flat year over year.
Adjusted property EBITDA during the fourth quarter totaled $14 million compared with $67 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $491 million and $197 million, respectively, compared with $695 million and $890 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $73 million compared with $69 million reported in the prior-year quarter. Occupancy rates came in at 50.2% compared with 44.2% in the prior-year quarter.
The Londoner Macao
During the fourth quarter, net revenues from The Londoner Macao amounted to $93 million compared with $139 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 $49 million, $18 million, $7 million and $12 million compared with $92 million, $21 million, $8 million and $13 million, respectively, in the prior-year quarter. During the quarter, revenues from convention, retail and other totaled $7 million compared with $5 million reported in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled ($42) million compared with ($23) million reported in the prior-year quarter.
Non-rolling chip drop volumes were $252 million compared with $408 million reported in the prior-year quarter. Rolling chip drop volumes during the quarter were $165 million compared with $759 million reported in the prior-year quarter
During the quarter, the segment’s hotel RevPAR was $52 million compared with $69 million reported in the prior-year quarter. Occupancy rates came in at 30.7% compared with 41.5% in the prior-year quarter.
The Parisian Macao
During the fourth quarter, net revenues from The Parisian Macao were $51 million compared with $67 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 $33 million, $10 million, $3 million and $5 million compared with $41 million, $13 million, $4 million and $9 million, respectively, in the prior-year quarter.
Non-rolling chip drop volumes were $123 million compared with $242 million reported in the prior-year quarter. Rolling chip drop volumes amounted to $48 million compared with $181 million in the year-ago quarter.
The segment’s hotel RevPAR was $42 million compared with $60 million reported in the prior-year quarter. Occupancy rates came in at 36.1% compared with 50.8% in the prior-year quarter.
The Plaza Macao and Four Seasons Macao
During the fourth quarter, net revenues from The Plaza Macao and Four Seasons Macao were $75 million compared with $140 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 $26 million, $9 million and $37 million compared with $65 million, $11 million and $59 million, respectively, in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $26 million compared with $63 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $144 million and $177 million compared with $265 million and $386 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $140 million compared with $192 million reported in the year-ago quarter. Occupancy rates came in at 31% compared with 43.9% in the prior-year quarter.
Sands Macao
During the fourth quarter, net revenues from Sands Macao were $17 million compared with $25 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 $14 million compared with $21 million reported in the prior-year quarter.
Adjusted property EBITDA in the fourth quarter totaled ($20) million compared with ($17) million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $56 million and $30 million, respectively, compared with $91 million and $120 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $67 million compared with $93 million in the year-ago quarter. Occupancy rates came in at 44.1% compared with 67% in the prior-year quarter.
Marina Bay Sands, Singapore
During the fourth quarter, net revenues from Marina Bay Sands totaled $682 million compared with $368 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 $402 million and $84 million compared with $237 million and $28 million reported in the prior-year quarter. Revenues from rooms, mall, convention, retail and other came in at $99 million, $67 million and $30 million compared with $40 million, $49 million and $14 million, respectively, reported in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $273 million compared with $177 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volumes were $1,450 million and $7,093 million, respectively, compared with $814 million and $1,318 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $541 million compared with $205 million reported in the prior-year quarter. Occupancy rates were 98.3% compared with 79.1% in the prior-year quarter.
Operating Results
On a consolidated basis, adjusted property EBITDA totaled $222 million in the fourth quarter of 2022, compared with $251 million reported in the prior-year quarter.
Balance Sheet
As of Dec 31, 2022, unrestricted cash balances amounted to $6.31 billion compared with $5.84 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $15.95 billion compared with $15.27 billion as of Sep 30, 2022.
In the reported quarter, capital expenditures totaled $147 million, thanks to construction, development and maintenance activities of $44 million in Macao and $93 million at Marina Bay Sands.
2022 Highlights
Net revenues in 2022 came in at $4,110 million compared with $4,234 million in 2021.
Operating loss in 2022 came in at $792 million compared with $689 million in 2021.
In 2022, diluted loss per share came in at $1.20 per share compared with $1.18 reported in the previous year.
Some better-ranked stocks in the Zacks Consumer Discretionary sector are World Wrestling Entertainment, Inc. , OneSpaWorld Holdings Limited. (OSW - Free Report) and Manchester United plc (MANU - Free Report) .
World Wrestling Entertainment currently sports a Zacks Rank #1. WWE has a trailing four-quarter earnings surprise of 25.2%, on average. The stock has increased 78.8% in the past year.
The Zacks Consensus Estimate for WWE’s 2023 sales and earnings per share (EPS) indicates a rise of 4.9% and 10.7%, respectively, from the year-ago period’s estimated levels.
OneSpaWorld currently sports a Zacks Rank #1. OSW has a trailing four-quarter earnings surprise of 84.2%, on average. Shares of OSW have increased 7.2% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates a rise of 24.2% and 91%, respectively, from the year-ago period’s levels.
Manchester currently carries a Zacks Rank #2 (Buy). MANU has a trailing four-quarter earnings surprise of 34.4%, on average. Shares of MANU have gained 77% in the past year.
The Zacks Consensus Estimate for MANU’s 2024 sales and EPS indicates a rise of 11.4% and 27.8%, respectively, from the year-ago levels.
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Las Vegas Sands (LVS) Q4 Earnings & Revenues Lag Estimates
Las Vegas Sands Corp. (LVS - Free Report) reported fourth-quarter 2022 results, with earnings and revenues missing the Zacks Consensus Estimate. However, the top and the bottom line improved on a year-over-year basis.
Following the announcement, the company’s shares increased 4.5% in the after-hour trading session on Jan 25. Positive investor sentiments were witnessed as the company reported significant improvement in property visitation, gaming volumes, retail sales and hotel occupancy in the Macao region. Also, the relaxation of travel restrictions (of a wider region) and improved airlift capacity added to the positives.
Robert G. Goldstein, chairman and CEO, stated, "While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, we remain confident in a robust recovery in travel and tourism spending across our markets and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead."
Earnings & Revenue Discussion
During fourth-quarter 2022, the company reported an adjusted loss per share of 19 cents, wider than the Zacks Consensus Estimate of a loss of 10 cents. In the prior-year quarter, the company reported an adjusted loss of 22 cents per share. During the quarter under review, interest expenses (net of amounts capitalized) amounted to $201 million compared with $152 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 $1,117 million missed the consensus mark of $1,190 million by 6%. However, the figure increased 10.8% from the $1,008 million reported in the prior-year quarter.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts:
The Venetian Macao
During the fourth quarter of 2022, net revenues from Venetian Macao were $201 million compared with $272 million reported in the prior-year quarter. The downside was caused by a decline in casino and mall revenues.
During the quarter, revenues from casinos, rooms and malls were $130 million, $17 million and $43 million compared with $195 million, $16 million and $51 million, respectively, in the prior-year quarter. Convention, Retail and Other revenues were $6 million, compared with $5 million reported in the prior-year quarter. Food and beverage revenues came in at $5 million flat year over year.
Adjusted property EBITDA during the fourth quarter totaled $14 million compared with $67 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $491 million and $197 million, respectively, compared with $695 million and $890 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $73 million compared with $69 million reported in the prior-year quarter. Occupancy rates came in at 50.2% compared with 44.2% in the prior-year quarter.
The Londoner Macao
During the fourth quarter, net revenues from The Londoner Macao amounted to $93 million compared with $139 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 $49 million, $18 million, $7 million and $12 million compared with $92 million, $21 million, $8 million and $13 million, respectively, in the prior-year quarter. During the quarter, revenues from convention, retail and other totaled $7 million compared with $5 million reported in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled ($42) million compared with ($23) million reported in the prior-year quarter.
Non-rolling chip drop volumes were $252 million compared with $408 million reported in the prior-year quarter. Rolling chip drop volumes during the quarter were $165 million compared with $759 million reported in the prior-year quarter
During the quarter, the segment’s hotel RevPAR was $52 million compared with $69 million reported in the prior-year quarter. Occupancy rates came in at 30.7% compared with 41.5% in the prior-year quarter.
The Parisian Macao
During the fourth quarter, net revenues from The Parisian Macao were $51 million compared with $67 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 $33 million, $10 million, $3 million and $5 million compared with $41 million, $13 million, $4 million and $9 million, respectively, in the prior-year quarter.
Non-rolling chip drop volumes were $123 million compared with $242 million reported in the prior-year quarter. Rolling chip drop volumes amounted to $48 million compared with $181 million in the year-ago quarter.
The segment’s hotel RevPAR was $42 million compared with $60 million reported in the prior-year quarter. Occupancy rates came in at 36.1% compared with 50.8% in the prior-year quarter.
The Plaza Macao and Four Seasons Macao
During the fourth quarter, net revenues from The Plaza Macao and Four Seasons Macao were $75 million compared with $140 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 $26 million, $9 million and $37 million compared with $65 million, $11 million and $59 million, respectively, in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $26 million compared with $63 million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $144 million and $177 million compared with $265 million and $386 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $140 million compared with $192 million reported in the year-ago quarter. Occupancy rates came in at 31% compared with 43.9% in the prior-year quarter.
Sands Macao
During the fourth quarter, net revenues from Sands Macao were $17 million compared with $25 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 $14 million compared with $21 million reported in the prior-year quarter.
Adjusted property EBITDA in the fourth quarter totaled ($20) million compared with ($17) million reported in the prior-year quarter.
Non-rolling chip drop and rolling chip volumes were $56 million and $30 million, respectively, compared with $91 million and $120 million reported in the prior-year quarter.
During the quarter under review, the segment’s hotel RevPAR was $67 million compared with $93 million in the year-ago quarter. Occupancy rates came in at 44.1% compared with 67% in the prior-year quarter.
Marina Bay Sands, Singapore
During the fourth quarter, net revenues from Marina Bay Sands totaled $682 million compared with $368 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 $402 million and $84 million compared with $237 million and $28 million reported in the prior-year quarter. Revenues from rooms, mall, convention, retail and other came in at $99 million, $67 million and $30 million compared with $40 million, $49 million and $14 million, respectively, reported in the prior-year quarter.
Adjusted property EBITDA in the reported quarter totaled $273 million compared with $177 million reported in the year-ago quarter.
Non-rolling chip drop and rolling chip volumes were $1,450 million and $7,093 million, respectively, compared with $814 million and $1,318 million reported in the prior-year quarter.
In the quarter under review, the segment’s hotel RevPAR was $541 million compared with $205 million reported in the prior-year quarter. Occupancy rates were 98.3% compared with 79.1% in the prior-year quarter.
Operating Results
On a consolidated basis, adjusted property EBITDA totaled $222 million in the fourth quarter of 2022, compared with $251 million reported in the prior-year quarter.
Balance Sheet
As of Dec 31, 2022, unrestricted cash balances amounted to $6.31 billion compared with $5.84 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $15.95 billion compared with $15.27 billion as of Sep 30, 2022.
In the reported quarter, capital expenditures totaled $147 million, thanks to construction, development and maintenance activities of $44 million in Macao and $93 million at Marina Bay Sands.
2022 Highlights
Net revenues in 2022 came in at $4,110 million compared with $4,234 million in 2021.
Operating loss in 2022 came in at $792 million compared with $689 million in 2021.
In 2022, diluted loss per share came in at $1.20 per share compared with $1.18 reported in the previous year.
Zacks Rank and Stocks to Consider
Currently, Las Vegas Sands carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Some better-ranked stocks in the Zacks Consumer Discretionary sector are World Wrestling Entertainment, Inc. , OneSpaWorld Holdings Limited. (OSW - Free Report) and Manchester United plc (MANU - Free Report) .
World Wrestling Entertainment currently sports a Zacks Rank #1. WWE has a trailing four-quarter earnings surprise of 25.2%, on average. The stock has increased 78.8% in the past year.
The Zacks Consensus Estimate for WWE’s 2023 sales and earnings per share (EPS) indicates a rise of 4.9% and 10.7%, respectively, from the year-ago period’s estimated levels.
OneSpaWorld currently sports a Zacks Rank #1. OSW has a trailing four-quarter earnings surprise of 84.2%, on average. Shares of OSW have increased 7.2% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates a rise of 24.2% and 91%, respectively, from the year-ago period’s levels.
Manchester currently carries a Zacks Rank #2 (Buy). MANU has a trailing four-quarter earnings surprise of 34.4%, on average. Shares of MANU have gained 77% in the past year.
The Zacks Consensus Estimate for MANU’s 2024 sales and EPS indicates a rise of 11.4% and 27.8%, respectively, from the year-ago levels.