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Las Vegas Sands (LVS) Q1 Earnings & Revenues Beat, Rise Y/Y
LVSLVSC(LVS) Zacks Investment Research·2024-04-18 15:31

Core Insights - Las Vegas Sands Corp. (LVS) reported strong first-quarter 2024 results, with earnings and revenues exceeding expectations and showing year-over-year growth [1][2] Financial Performance - Adjusted earnings per share (EPS) for Q1 2024 were 75 cents, surpassing the Zacks Consensus Estimate of 62 cents by 21%, and up from 28 cents in the same quarter last year [2] - Quarterly revenues reached 2.96billion,exceedingtheconsensusmarkof2.96 billion, exceeding the consensus mark of 2.94 billion by 0.6%, and representing a 39.6% increase from 2.12billionintheprioryear[2]AsianOperations−TheVenetianMacaogeneratednetrevenuesof2.12 billion in the prior year [2] Asian Operations - The Venetian Macao generated net revenues of 771 million, up from 558millionyear−over−year,drivenbyincreasesincasino,rooms,foodandbeverage,andmallrevenues[4]−TheLondonerMacaoreportednetrevenuesof558 million year-over-year, driven by increases in casino, rooms, food and beverage, and mall revenues [4] - The Londoner Macao reported net revenues of 562 million, significantly up from 283million,supportedbygrowthincasinos,rooms,andfoodandbeveragerevenues[6]−TheParisianMacao′snetrevenuesincreasedto283 million, supported by growth in casinos, rooms, and food and beverage revenues [6] - The Parisian Macao's net revenues increased to 230 million from 174million,primarilyduetoimprovedcasino,rooms,andfoodandbeveragerevenues[8]−SandsMacao′snetrevenueswere174 million, primarily due to improved casino, rooms, and food and beverage revenues [8] - Sands Macao's net revenues were 76 million, slightly up from 74million,attributedtoariseincasinorevenues[10]−MarinaBaySandsinSingaporesawnetrevenuesof74 million, attributed to a rise in casino revenues [10] - Marina Bay Sands in Singapore saw net revenues of 1.16 billion, up from 848million,drivenbyincreasesincasino,rooms,foodandbeverage,andmallrevenues[11]OperationalMetrics−AdjustedpropertyEBITDAforLVSreached848 million, driven by increases in casino, rooms, food and beverage, and mall revenues [11] Operational Metrics - Adjusted property EBITDA for LVS reached 1.21 billion in Q1 2024, compared to 792millioninthesamequarterlastyear[13]−TheVenetianMacao′shotelrevenueperavailableroom(RevPAR)was792 million in the same quarter last year [13] - The Venetian Macao's hotel revenue per available room (RevPAR) was 198, up from 177,withoccupancyratesat97.7177, with occupancy rates at 97.7%, compared to 85.7% previously [5] - The Londoner Macao's hotel RevPAR increased to 182 from 108,withoccupancyratesat96.5108, with occupancy rates at 96.5%, up from 46.7% [7] - Marina Bay Sands' hotel RevPAR was 677, compared to 580inthepreviousyear,withoccupancyratesat95580 in the previous year, with occupancy rates at 95% [12] Balance Sheet - As of March 31, 2024, LVS had unrestricted cash balances of 4.96 billion, down from 5.11billioninthepreviousquarter,andtotaldebtoutstandingwas5.11 billion in the previous quarter, and total debt outstanding was 13.94 billion, reduced from $14.01 billion [14]