Las Vegas Sands (LVS) Tops Q2 EPS by 14c

Las Vegas Sands (NYSE: LVS) reported Q2 EPS of $0.73, $0.14 better than the analyst estimate of $0.59. Revenue for the quarter came in at $3.14 billion versus the consensus estimate of $3 billion.

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "We are pleased to have delivered a strong set of financial results during the quarter, led by another quarter of growth in Macao and a record-setting performance in Singapore. The benefits of our convention-based Integrated Resort business model remain evident in our financial results, with adjusted property EBITDA increasing 26.5% compared to the second quarter of 2016, reaching $1.21 billion. We also continued to return excess capital to shareholders during the quarter.

"In Macao, the recovery in the market overall continued during the quarter, with market-wide gross gaming revenues increasing 21.9% in the second quarter of 2017. Our market-leading critical mass of hotel, retail and entertainment offerings on the Cotai Strip allowed us to grow our premium mass revenues by nearly 40%, an outstanding performance in this important segment, while our mass gaming revenues overall grew by 22.5%. Strong mass revenue growth, coupled with higher hotel occupancy and growth in the VIP segment all contributed to a 23% increase in our adjusted property EBITDA in Macao, which reached $600 million in the quarter.

"The Parisian Macao continued to exhibit growth, enjoying strong visitation and delivering adjusted property EBITDA of $106 million for the quarter. The Parisian has firmly established itself as a 'must-see' destination for visitors to the Cotai Strip, delivering sequential growth in hotel occupancy, ADR and gaming volumes, while mass win per day of $2.44 million was the highest result since the property's opening last year. We expect The Parisian to continue to deliver growth in the quarters and years ahead as the Macao market grows and as we continue to refine the property\'s service offerings to appeal to the fastest growing and most profitable segments in the Macao market.

\"We have invested over $13 billion in Macao since 2002, while consistently contributing to Macao's diversification and appeal as a business and leisure tourism destination. We continue to lead the market not only in Integrated Resort development, but in the long-term and vital investment in the marketing of Macao as Asia's leading business and leisure tourism destination. We remain confident that our market-leading Cotai Strip portfolio of properties will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide both Macao and our Company with a superior platform for future growth.

"Marina Bay Sands delivered a record quarter with adjusted property EBITDA increasing 37.8% to reach a record $492 million. Marina Bay Sands' innovative programming, consistent mass gaming play, strength in non-gaming revenues and higher hold in VIP play compared to the same quarter last year all contributed to the outstanding performance. We are pleased to have established Marina Bay Sands as a reference site for other cities and countries that are considering harnessing the economic power and direct contributions to tourism, employment and GDP growth of our unique convention-based Integrated Resort business model.

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

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