Las Vegas Sands (LVS) Tops Q1 EPS by 4c

Las Vegas Sands (NYSE: LVS) reported Q1 EPS of $0.97, $0.04 better than the analyst estimate of $0.93. Revenue for the quarter came in at $4.01 billion versus the consensus estimate of $3.88 billion.

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report another quarter of record financial results that reflect continued strong growth in revenue, cash flow and earnings per share. The focused and consistent execution of our global growth strategy, which leverages the power of our convention-based Integrated Resort business model, is clearly driving our financial results. Continued execution of that strategy will extend our position as the global leader in Integrated Resort development and operation.

"In Macao, we delivered record financial results, with strong growth and operating momentum reflected in every segment of our business. We welcomed more than seventeen million visits during the quarter to our Macao property portfolio, which delivered a record $939.8 million of adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, including our latest Integrated Resort on the Cotai Strip, the Parisian Macao, which is targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead."

In Singapore, adjusted property EBITDA reached $435.2 million reflecting strong growth in non-gaming revenue, steady mass gaming results and a higher hold rate on VIP play. Mass win-per-day increased slightly to $4.65 million per day.

Mr. Adelson added, "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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