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Las Vegas Sands (LVS) Q2 Earnings & Revenues Beat Estimates
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Las Vegas Sands Corp. (LVS - Free Report) reported second-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The company benefited from recovery in travel and tourism spending in both Macao and Singapore.
Q2 Earnings & Revenues
During second-quarter 2023, LVS reported an adjusted earnings per share (EPS) of 46 cents, beating the Zacks Consensus Estimate of 45 cents. In the prior-year quarter, it incurred an adjusted loss of 34 cents. Interest expenses (net of amounts capitalized) amounted to $210 million compared with $162 million in the prior-year quarter.
Quarterly revenues of $2,542 million surpassed the consensus mark of $2,365 million by 7.5%. The figure increased 143.3% from $1,045 million reported in the year-ago quarter.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts (all figures are compared with prior-year quarter’s reported levels):
The Venetian Macao
Net revenues from The Venetian Macao were $653 million compared with $150 million. This was driven by a rise in casino, rooms and mall revenues. Our estimate was $579.1 million.
Quarterly revenues from casinos, rooms and malls were $523 million, $48 million and $53 million compared with $91 million, $12 million and $41 million, respectively. Convention, retail and other revenues were $12 million compared with $3 million. Food and beverage revenues came in at $17 million compared with $3 million.
Adjusted property EBITDA totaled $252 million against ($21) million. Our estimate for the metric was $161.5 million. Non-rolling chip drop and rolling chip were $2,174 million and $1,093 million compared with $332 million and $264 million, respectively.
The segment’s hotel RevPAR was $198 million compared with $50 million. Occupancy rates came in at 94.6% compared with 36.8%.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Net revenues from The Londoner Macao amounted to $402 million compared with $79 million. The upside was backed by an increase in casino, rooms, and food and beverage revenues. Our estimate was $270.7 million.
Revenues from casinos, rooms, and food and beverage totaled $282 million, $80 million and $20 million compared with $42 million, $14 million and $7 million, respectively. Quarterly revenues from convention, retail and other totaled $5 million compared with $4 million.
Adjusted property EBITDA totaled $103 million against ($54) million.
Non-rolling chip drop was $1,354 million compared with $175 million. Rolling chip drop was $1,999 million compared with $222 million.
The segment’s hotel RevPAR was $161 million compared with $34 million. Occupancy rates came in at 81.8% compared with 24.9%.
The Parisian Macao
Net revenues from The Parisian Macao were $239 million compared with $42 million. The uptick was primarily due to an improvement in casino, rooms, and food and beverage revenues. Our estimate was $238.1 million.
Revenues from casinos, rooms, and food and beverage totaled $183 million, $35 million and $11 million compared with $24 million, $7 million and $3 million, respectively.
Non-rolling chip drop was $776 million compared with $91 million. Rolling chip drop amounted to $612 million compared with $48 million.
The segment’s hotel RevPAR was $153 million compared with $37 million. Occupancy rates came in at 98% compared with 37%.
The Plaza Macao and Four Seasons Macao
Net revenues from The Plaza Macao and Four Seasons Macao were $223 million compared with $79 million. The uptrend can be attributed to a rise in casino, rooms and mall revenues. Our estimate was $174.2 million.
Casino, rooms and mall revenues came in at $150 million, $25 million and $39 million compared with $38 million, $6 million and $33 million, respectively.
Adjusted property EBITDA totaled $91 million compared with $17 million. Non-rolling chip drop and rolling chip drop were $567 million and $1,178 million compared with $101 million and $489 million.
The segment’s hotel RevPAR was $407 million compared with $96 million. Occupancy rates came in at 84.8% compared with 23.3%.
Sands Macao
Net revenues from Sands Macao were $84 million compared with $17 million. This was mainly resulted from a rise in casino revenues. Casino revenues totaled $76 million compared with $14 million.
Adjusted property EBITDA totaled $15 million against ($22) million.
Non-rolling chip drop and rolling chip drop were $406 million and $36 million compared with $57 million and $66 million, respectively.
The segment’s hotel RevPAR was $160 million compared with $72 million. Occupancy rates came in at 94.6% compared with 56.6%.
Marina Bay Sands, Singapore
Net revenues from Marina Bay Sands totaled $925 million, up 36.2%. The upside was primarily driven by an increase in casino, rooms, mall, and food and beverage revenues.
Revenues from casinos, and food and beverage totaled $649 million and $84 million, up 29.8% and 75%. Rooms, mall, and convention, retail and other generated revenues of $104 million, $57 million and $31 million compared with $56 million, $48 million and $20 million, respectively.
Adjusted property EBITDA totaled $432 million, up 35.4%.
Non-rolling chip drop and rolling chip drop were $1,870 million and $6,013 million compared with $1,137 million and $5,394 million, respectively.
The segment’s hotel RevPAR was $579 million compared with $330 million. Occupancy rates were 97% compared with 93.9%.
Operating Results
On a consolidated basis, adjusted property EBITDA totaled $973 /million in second-quarter 2023 compared with $209 million in the year-ago quarter.
Balance Sheet
As of Jun 30, 2023, unrestricted cash balances amounted to $5.77 billion compared with $6.53 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $14.7 billion compared with $15.97 billion in the earlier quarter.
In the reported quarter, capital expenditures totaled $196 million, thanks to construction, development and maintenance activities of $42 million in Macao and $144 million at Marina Bay Sands.
The Zacks Consensus Estimate for Trip.com Group’s 2023 sales and EPS suggests increases of 101.6% and 531%, respectively, from the year-ago period’s levels.
OneSpaWorld Holdings Limited (OSW - Free Report) carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 65.8%, on average. The stock has increased 66.6% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates rises of 33.9% and 89.3%, respectively, from the year-ago period’s levels.
Royal Caribbean Cruises Ltd. (RCL - Free Report) holds a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 26.4%, on average. The stock has surged 155% in the past year.
The Zacks Consensus Estimate for RCL’s 2023 sales and EPS implies gains of 48.7% and 163.1%, respectively, from the year-ago period’s levels.
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Las Vegas Sands (LVS) Q2 Earnings & Revenues Beat Estimates
Las Vegas Sands Corp. (LVS - Free Report) reported second-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The company benefited from recovery in travel and tourism spending in both Macao and Singapore.
Q2 Earnings & Revenues
During second-quarter 2023, LVS reported an adjusted earnings per share (EPS) of 46 cents, beating the Zacks Consensus Estimate of 45 cents. In the prior-year quarter, it incurred an adjusted loss of 34 cents. Interest expenses (net of amounts capitalized) amounted to $210 million compared with $162 million in the prior-year quarter.
Quarterly revenues of $2,542 million surpassed the consensus mark of $2,365 million by 7.5%. The figure increased 143.3% from $1,045 million reported in the year-ago quarter.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts (all figures are compared with prior-year quarter’s reported levels):
The Venetian Macao
Net revenues from The Venetian Macao were $653 million compared with $150 million. This was driven by a rise in casino, rooms and mall revenues. Our estimate was $579.1 million.
Quarterly revenues from casinos, rooms and malls were $523 million, $48 million and $53 million compared with $91 million, $12 million and $41 million, respectively. Convention, retail and other revenues were $12 million compared with $3 million. Food and beverage revenues came in at $17 million compared with $3 million.
Adjusted property EBITDA totaled $252 million against ($21) million. Our estimate for the metric was $161.5 million. Non-rolling chip drop and rolling chip were $2,174 million and $1,093 million compared with $332 million and $264 million, respectively.
The segment’s hotel RevPAR was $198 million compared with $50 million. Occupancy rates came in at 94.6% compared with 36.8%.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Las Vegas Sands Corp. price-consensus-eps-surprise-chart | Las Vegas Sands Corp. Quote
The Londoner Macao
Net revenues from The Londoner Macao amounted to $402 million compared with $79 million. The upside was backed by an increase in casino, rooms, and food and beverage revenues. Our estimate was $270.7 million.
Revenues from casinos, rooms, and food and beverage totaled $282 million, $80 million and $20 million compared with $42 million, $14 million and $7 million, respectively. Quarterly revenues from convention, retail and other totaled $5 million compared with $4 million.
Adjusted property EBITDA totaled $103 million against ($54) million.
Non-rolling chip drop was $1,354 million compared with $175 million. Rolling chip drop was $1,999 million compared with $222 million.
The segment’s hotel RevPAR was $161 million compared with $34 million. Occupancy rates came in at 81.8% compared with 24.9%.
The Parisian Macao
Net revenues from The Parisian Macao were $239 million compared with $42 million. The uptick was primarily due to an improvement in casino, rooms, and food and beverage revenues. Our estimate was $238.1 million.
Revenues from casinos, rooms, and food and beverage totaled $183 million, $35 million and $11 million compared with $24 million, $7 million and $3 million, respectively.
Non-rolling chip drop was $776 million compared with $91 million. Rolling chip drop amounted to $612 million compared with $48 million.
The segment’s hotel RevPAR was $153 million compared with $37 million. Occupancy rates came in at 98% compared with 37%.
The Plaza Macao and Four Seasons Macao
Net revenues from The Plaza Macao and Four Seasons Macao were $223 million compared with $79 million. The uptrend can be attributed to a rise in casino, rooms and mall revenues. Our estimate was $174.2 million.
Casino, rooms and mall revenues came in at $150 million, $25 million and $39 million compared with $38 million, $6 million and $33 million, respectively.
Adjusted property EBITDA totaled $91 million compared with $17 million.
Non-rolling chip drop and rolling chip drop were $567 million and $1,178 million compared with $101 million and $489 million.
The segment’s hotel RevPAR was $407 million compared with $96 million. Occupancy rates came in at 84.8% compared with 23.3%.
Sands Macao
Net revenues from Sands Macao were $84 million compared with $17 million. This was mainly resulted from a rise in casino revenues. Casino revenues totaled $76 million compared with $14 million.
Adjusted property EBITDA totaled $15 million against ($22) million.
Non-rolling chip drop and rolling chip drop were $406 million and $36 million compared with $57 million and $66 million, respectively.
The segment’s hotel RevPAR was $160 million compared with $72 million. Occupancy rates came in at 94.6% compared with 56.6%.
Marina Bay Sands, Singapore
Net revenues from Marina Bay Sands totaled $925 million, up 36.2%. The upside was primarily driven by an increase in casino, rooms, mall, and food and beverage revenues.
Revenues from casinos, and food and beverage totaled $649 million and $84 million, up 29.8% and 75%. Rooms, mall, and convention, retail and other generated revenues of $104 million, $57 million and $31 million compared with $56 million, $48 million and $20 million, respectively.
Adjusted property EBITDA totaled $432 million, up 35.4%.
Non-rolling chip drop and rolling chip drop were $1,870 million and $6,013 million compared with $1,137 million and $5,394 million, respectively.
The segment’s hotel RevPAR was $579 million compared with $330 million. Occupancy rates were 97% compared with 93.9%.
Operating Results
On a consolidated basis, adjusted property EBITDA totaled $973 /million in second-quarter 2023 compared with $209 million in the year-ago quarter.
Balance Sheet
As of Jun 30, 2023, unrestricted cash balances amounted to $5.77 billion compared with $6.53 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $14.7 billion compared with $15.97 billion in the earlier quarter.
In the reported quarter, capital expenditures totaled $196 million, thanks to construction, development and maintenance activities of $42 million in Macao and $144 million at Marina Bay Sands.
Zacks Rank
Las Vegas Sands has a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks from the Zacks Consumer Discretionary sector are:
Trip.com Group Limited (TCOM - Free Report) flaunts a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 147.9%, on average. The stock has increased 36.1% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Trip.com Group’s 2023 sales and EPS suggests increases of 101.6% and 531%, respectively, from the year-ago period’s levels.
OneSpaWorld Holdings Limited (OSW - Free Report) carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 65.8%, on average. The stock has increased 66.6% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates rises of 33.9% and 89.3%, respectively, from the year-ago period’s levels.
Royal Caribbean Cruises Ltd. (RCL - Free Report) holds a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 26.4%, on average. The stock has surged 155% in the past year.
The Zacks Consensus Estimate for RCL’s 2023 sales and EPS implies gains of 48.7% and 163.1%, respectively, from the year-ago period’s levels.