Las Vegas Sands (LVS) Misses Q1 EPS by 6c

Las Vegas Sands (NYSE: LVS) reported Q1 EPS of $0.66, $0.06 worse than the analyst estimate of $0.72. Revenue for the quarter came in at $3.01 billion versus the consensus estimate of $3.22 billion.

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "While the operating environment in Macao, particularly in the high-end gaming segments, remained challenging during the quarter, our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows allowed us to deliver in excess of one billion U.S. dollars of Adjusted Property EBITDA during the quarter. Despite the current headwinds in the Macao market, we remain steadfast in our focus on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model.

"Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows, delivers the industry's highest revenue and profit from non-gaming segments and brings the greatest economic and diversification benefits in the industry to the regions in which we operate. We remain confident that the continued execution of our strategy will further extend our position as the global leader in Integrated Resort development and operation and enable us to deliver strong growth in the future.

"The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy."

For earnings history and earnings-related data on Las Vegas Sands (LVS) click here.

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