Las Vegas Sands (LVS) Sells Off After Earnings

Las Vegas Sands (NYSE: LVS) is trading down 11% after reporting Q2 earnings. LVS reported Q2 EPS of $0.01, 2 cents better than the analyst estimate of ($0.01). Revenue for the quarter was $1.06 billion, versus the consensus of $1.08 billion.

Below are some highlights from Las Vegas Sands news release and call.

• Las Vegas Sands more normal than last 6-12 months.
  
• Exploring a diversity options regarding its liquidity.
  
• LVS is being cognizant not too cut costs too much where it negatively hurts the resort experience.
  
• Visitors to the The Venetian Macao increased 7.1% in Q2compared to visits in last year's visits, while overall visitation to the Macau market as reported by the Macau Government decreased by 13.2% during the quarter. This 20% differential represents the strong appeal of the property despite the reported impact of the H1N1 virus on visitation to the Macau market and The Venetian Macao.
  
• Four Seasons Macao ramp up slower than expected.
  
• In Las Vegas, our gaming volumes remained healthy while RevPAR reflected pricing pressure.
  
• The decrease in Las Vegas hotel revenues for the quarter reflected the lower pricing and demand trends in the current operating environment. The lower rate and RevPAR across our 7,100 suites in Las Vegas was the principal negative factor impacting our Las Vegas operations adjusted property EBITDAR.
  
• As of June 30, 2009, total debt outstanding, including the current portion, was $10.8 billion. Scheduled principal payments required for the remainder of 2009 and in 2010 total $63.3 million and $198.8 million, respectively.

UPDATE: Click here to see some highlights from Las Vegas Sands' Q2 conference call.

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