Financial Performance - Net revenues for Q1 2024 were $2.96 billion, a 39.6% increase from $2.12 billion in Q1 2023[99] - Operating income for Q1 2024 was $717 million, compared to $378 million in Q1 2023[99] - Net income for Q1 2024 was $583 million, up from $145 million in Q1 2023[99] - Total operating expenses rose to $2.24 billion, marking a 28.7% increase from $1.74 billion year-over-year[108] - Casino expenses increased by 35.0% to $1.18 billion, up from $874 million, driven by higher gaming taxes[109] - Consolidated adjusted property EBITDA reached $1.21 billion, a 52.4% increase from $792 million in the previous year[111] - Net income for the three months ended March 31, 2024, was $583 million, compared to $145 million for the same period in 2023[113] Casino Operations - Casino revenues increased by $687 million compared to Q1 2023, driven by higher visitation and increased table games and slot volumes[100] - Non-Rolling Chip drop in Macao increased by 36.5% to $2.41 billion in Q1 2024 compared to Q1 2023[101] - Rolling Chip volume in Macao decreased by 17.5% to $1.04 billion in Q1 2024 compared to Q1 2023[101] - Slot handle in Macao increased by 41.9% to $1.49 billion in Q1 2024 compared to Q1 2023[101] - Total net casino revenues for The Londoner Macao reached $419 million, a 111.6% increase compared to $198 million in the previous year[103] - Total net casino revenues for Marina Bay Sands in Singapore rose to $859 million, a 44.9% increase from $593 million[103] - Rolling Chip volume at The Plaza Macao and Four Seasons Macao surged to $2,500 million, a 103.7% increase from $1,227 million[103] Visitor Statistics - Macao operations saw a 125.8% increase in total visitation from mainland China during the two months ended February 29, 2024, compared to the same period in 2023[91] - Marina Bay Sands reported a 29% increase in airlift passenger movement in January and February 2024 compared to the same period in 2023[92] Room and Mall Revenues - Total room revenues for The Venetian Macao increased by 33.3% to $52 million, up from $39 million[104] - The Londoner Macao's occupancy rate improved to 96.5%, a significant increase of 49.8 percentage points from 46.7%[104] - Total mall revenues at Shoppes at Venetian increased to $54 million, a 5.9% rise from $51 million in the same period last year[106] - Tenant sales per square foot at Shoppes at Venetian surged by 64.8% to $1,859 from $1,128[106] Expenses and Financial Commitments - General and administrative expenses rose by $35 million, primarily due to increased payroll and marketing costs[110] - Development expenses increased to $53 million, reflecting ongoing evaluations for new business opportunities in New York and Texas[110] - The company has a financial commitment to spend approximately $4.44 billion on capital and operating projects in Macao through 2032[123] Capital Projects and Renovations - Phase II of The Londoner Macao is ongoing, with an estimated cost of $1.2 billion and expected completion in early 2025[123] - The total minimum project cost for the MBS Expansion Project is approximately SGD 4.5 billion (approximately $3.3 billion), with expected costs to materially exceed this due to inflation and higher material and labor costs[124] - The renovation of Towers 1 and 2 of Marina Bay Sands was completed at a cost of approximately $1.0 billion, enhancing luxury amenities[124] - Ongoing renovations of Tower 3 hotel rooms are estimated to cost approximately $750 million, with expected completion by 2025[124] - The acquisition of Nassau Veterans Memorial Coliseum was completed for $241 million, with plans to develop an Integrated Resort pending a casino license[126] Cash Flow and Financing - Cash generated from operating activities increased by $273 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by increased visitation in Macao and Singapore[129] - Capital expenditures for the three months ended March 31, 2024, totaled $196 million, including $99 million for Marina Bay Sands construction activities[130] - Net cash flows used in financing activities were $639 million for the three months ended March 31, 2024, primarily due to $450 million for common stock repurchases[132] - As of March 31, 2024, the company held approximately $4.96 billion in unrestricted cash and cash equivalents, with $4.43 billion available for borrowing under credit facilities[133] Tax and Interest Rates - The effective income tax rate for the three months ended March 31, 2024, was 2.8%, significantly lower than 25.6% in the same period of 2023[117] - Interest expense decreased by $34 million to $182 million, primarily due to a reduction in the weighted average interest rate from 5.4% to 5.0%[116] - Interest income increased slightly to $71 million, up from $70 million in the prior year, due to higher market rates[117] Risks and Competition - The company faces increased competition in Macao, including recent and upcoming increases in hotel rooms and potential additional gaming licenses[140] - The company is dependent on properties primarily in Macao and Singapore for all cash flow and the ability of subsidiaries to make distribution payments[140] Currency and Financial Instruments - Foreign currency transaction losses were $6 million for the three months ended March 31, 2024, primarily due to U.S. dollar denominated debt issued by SCL[144] - A hypothetical 10% weakening of the U.S. dollar/SGD exchange rate would result in a foreign currency transaction loss of approximately $36 million[144] - A hypothetical 1% weakening of the U.S. dollar/pataca exchange rate would lead to a foreign currency transaction loss of approximately $56 million[144] - The company is exposed to interest rate risk associated with its long-term debt and foreign currency exchange rate risk from operations outside the United States[144] - The company does not hold or issue financial instruments for trading purposes and does not enter into speculative derivative transactions[144] - The company maintains a significant amount of operating funds in the same currencies as its obligations, reducing exposure to currency fluctuations[144]

Key TakeawaysThe S&P 500 edged 0.2% lower on Thursday, April 18, 2024, in its fifth consecutive day of losses amid concerns about inflation.Las Vegas Sands shares fell as the casino operator said a remodeling project at a property in Macau would weigh on its results.Shares of Genuine Parts Co. jumped after the auto parts distributor raised its full-year profit guidance. After trading higher for much of the day, major U.S. equities indexes lost ground in the afternoon to end Thursday's session mixed. The S&P ...

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 $2.96 billion, exceeding the consensus mark of $2.94 billion by 0.6%, and representing a 39.6% increase from $2.12 billion in the prior year [2] Asian Operations - The Venetian Macao generated net revenues of $771 million, up from $558 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 $283 million, supported by growth in casinos, rooms, and food and beverage revenues [6] - The Parisian Macao's net revenues increased to $230 million from $174 million, primarily due to improved casino, rooms, and food and beverage revenues [8] - Sands Macao's net revenues were $76 million, slightly up from $74 million, attributed to a rise in casino revenues [10] - Marina Bay Sands in Singapore saw net revenues of $1.16 billion, up from $848 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 $792 million in the same quarter last year [13] - The Venetian Macao's hotel revenue per available room (RevPAR) was $198, up from $177, with occupancy rates at 97.7%, compared to 85.7% previously [5] - The Londoner Macao's hotel RevPAR increased to $182 from $108, with occupancy rates at 96.5%, up from 46.7% [7] - Marina Bay Sands' hotel RevPAR was $677, compared to $580 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 $5.11 billion in the previous quarter, and total debt outstanding was $13.94 billion, reduced from $14.01 billion [14]

Las Vegas Sands Corp. (NYSE:LVS) Q1 2024 Earnings Conference Call April 17, 2024 4:30 PM ET Company Participants Daniel Briggs - Senior Vice President of Investor Relations Robert Goldstein - Chairman and Chief Executive Officer Patrick Dumont - President and Chief Operating Officer Grant Chum - Chief Executive Officer & President, Sands China & Executive Vice President, Asia Operations Conference Call Participants Stephen Grambling - Morgan Stanley Carlo Santarelli - Deutsche Bank Joe Greff - J.P. Morgan S ...

Las Vegas Sands (LVS) reported $2.96 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 39.6%. EPS of $0.75 for the same period compares to $0.28 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.94 billion, representing a surprise of +0.64%. The company delivered an EPS surprise of +20.97%, with the consensus EPS estimate being $0.62.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

1Q24 Earnings Presentation April 17, 2024 Forward Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward- looking statements include the discussions of our business strategies and expectations concerning future operations, margins,profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words “anticipates,” “believes, ...

Company Performance - Las Vegas Sands reported quarterly earnings of $0.75 per share, exceeding the Zacks Consensus Estimate of $0.62 per share, and up from $0.28 per share a year ago, representing an earnings surprise of 20.97% [1] - The company posted revenues of $2.96 billion for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 0.64%, and an increase from $2.12 billion year-over-year [1] - Over the last four quarters, Las Vegas Sands has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [1] Future Outlook - The stock's immediate price movement will depend on management's commentary during the earnings call and the earnings outlook, which includes current consensus earnings expectations for upcoming quarters [2][3] - The current consensus EPS estimate for the coming quarter is $0.65 on revenues of $2.99 billion, and for the current fiscal year, it is $2.73 on revenues of $12.24 billion [4] Industry Context - The Gaming industry, to which Las Vegas Sands belongs, is currently ranked in the bottom 29% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - Century Casinos, another company in the same industry, is expected to report a quarterly loss of $0.53 per share, reflecting a significant year-over-year decline, while its revenues are projected to be $139.7 million, up 28.7% from the previous year [5]

Financial Performance - Las Vegas Sands Corp. reported a net revenue of $2.96 billion and a net income of $583 million for Q1 2024, exceeding market expectations [1] - Sands China Ltd., a subsidiary, saw total net revenues surge by 42% to $1.80 billion, with net income reaching $297 million, a significant turnaround from a net loss of $10 million in Q1 2023 [6] Segment Performance - In Macao, the company achieved an Adjusted Property EBITDA of $610 million, although it faced a $31 million reduction due to a low hold on rolling play [2] - Conversely, Marina Bay Sands in Singapore reported an Adjusted Property EBITDA of $597 million, benefiting from a high hold on rolling play, leading to a $77 million increase [2] Strategic Initiatives - The company is committed to strategic investments to enhance its market position and deliver sustainable growth, with ongoing capital expenditure programs in Macao and Singapore [3][4] - Las Vegas Sands' financial strength and industry-leading cash flow allow it to pursue growth initiatives while returning excess capital to shareholders [4] Shareholder Returns - During Q1 2024, the company repurchased $450 million of its common stock and paid a quarterly dividend of $0.20 per common share, reaffirming its commitment to enhancing shareholder value [5][7] - The company remains optimistic about growth prospects in Macao, Singapore, and other potential markets, positioning itself to capitalize on emerging opportunities [7]

Financial Performance - Net Revenue of $2.96 billion and Net Income of $583 million for Q1 2024[2] - Sands China Ltd. (SCL) reported a 42% increase in total net revenues to $1.80 billion compared to Q1 2023[6] - Net revenues for March 2024 increased to $2.959 billion, up from $2.120 billion in March 2023, representing a 39.6% year-over-year growth[30] - Casino revenues grew to $2.228 billion in March 2024, a 44.6% increase compared to $1.541 billion in March 2023[30] - Net income attributable to Las Vegas Sands Corp. rose to $494 million in March 2024, a 236.1% increase from $147 million in March 2023[30] - Adjusted net income attributable to LVS increased to $566 million in March 2024, up from $217 million in March 2023, representing a 160.8% growth[39] - The Venetian Macao's net revenues increased to $771 million in March 2024 from $558 million in March 2023, a 38.2% increase[50] - The Londoner Macao's net revenues surged to $562 million in March 2024 from $283 million in March 2023, a 98.6% increase[53] - The Parisian Macao's net revenues rose to $230 million in March 2024 from $174 million in March 2023, a 32.2% increase[56] - The Plaza Macao and Four Seasons Macao reported a decrease in net revenues from $172 million in 2023 to $142 million in March 2024, a decline of $30 million[59] - Sands Macao saw a slight increase in net revenues from $74 million in 2023 to $76 million in March 2024, with Adjusted Property EBITDA rising from $10 million to $12 million[62] - Marina Bay Sands experienced a substantial increase in net revenues from $848 million in 2023 to $1,158 million in March 2024, driven by a $266 million rise in casino revenues[65] Adjusted Property EBITDA - Consolidated Adjusted Property EBITDA reached $1.21 billion, with Macao contributing $610 million and Marina Bay Sands contributing $597 million[2] - Adjusted Property EBITDA for March 2024 reached $1.207 billion, a 52.4% increase from $792 million in March 2023[33] - The Venetian Macao's Adjusted Property EBITDA margin improved to 40.7% in March 2024, up from 37.6% in March 2023[33] - Marina Bay Sands' Adjusted Property EBITDA margin increased to 51.6% in March 2024, compared to 46.5% in March 2023[33] - The Venetian Macao's adjusted property EBITDA increased to $314 million in March 2024 from $210 million in March 2023, a 49.5% increase[50] - Adjusted Property EBITDA for The Plaza Macao and Four Seasons Macao dropped from $75 million in 2023 to $36 million in March 2024, with the EBITDA margin decreasing from 43.6% to 25.4%[59] - Adjusted Property EBITDA for Marina Bay Sands surged from $394 million in 2023 to $597 million in March 2024, with the EBITDA margin improving from 46.5% to 51.6%[65] Capital and Debt Management - The company repurchased $450 million of common stock during the quarter, with $1.05 billion remaining under the share repurchase program[10] - Capital expenditures totaled $196 million, including $99 million at Marina Bay Sands and $90 million in Macao[12] - Unrestricted cash balances as of March 31, 2024, were $4.96 billion, with $4.43 billion available for borrowing under credit facilities[11] - Total debt outstanding, excluding finance leases and financed purchases, was $13.94 billion as of March 31, 2024[11] - The weighted average borrowing cost decreased to 5.0% in Q1 2024 from 5.4% in Q1 2023[7] Dividends and Shareholder Returns - The company paid a quarterly dividend of $0.20 per common share and announced the next dividend payment for May 15, 2024[10] Tax and Financial Ratios - The effective income tax rate for Q1 2024 was 2.8%, significantly lower than the 25.6% rate in the prior year quarter[9] Casino and Table Games Performance - Hold-adjusted win percentage had a negative impact of $47 million on net revenues in March 2024, compared to a positive impact of $1 million in March 2023[43] - The Venetian Macao's table games win per unit per day increased to $10,901 in March 2024 from $8,576 in March 2023, a 27.1% increase[47] - The Londoner Macao's table games win per unit per day surged to $10,671 in March 2024 from $5,378 in March 2023, a 98.4% increase[47] - The Parisian Macao's table games win per unit per day rose to $7,128 in March 2024 from $5,632 in March 2023, a 26.6% increase[47] - The Plaza Macao and Four Seasons Macao's table games win per unit per day increased to $16,619 in March 2024 from $13,630 in March 2023, a 21.9% increase[47] - Sands Macao's table games win per unit per day grew to $6,753 in March 2024 from $4,538 in March 2023, a 48.8% increase[47] - Marina Bay Sands' table games win per unit per day jumped to $17,597 in March 2024 from $11,222 in March 2023, a 56.8% increase[47] - Rolling Chip Volume at The Plaza Macao and Four Seasons Macao increased significantly from $1,227 million in 2023 to $2,500 million in March 2024, a rise of $1,273 million[59] - Rolling Chip Volume at Marina Bay Sands grew from $7,075 million in 2023 to $8,241 million in March 2024, an increase of $1,166 million[65] Retail and Property Performance - The Shoppes at Venetian reported a gross revenue of $54 million with an operating profit margin of 90.7% and an occupancy rate of 82.0% at the end of the period[68] - Total Cotai Strip in Macao recorded gross revenues of $115 million with an operating profit margin of 89.6% and an occupancy rate of 77.3%[68] - The Shoppes at Marina Bay Sands achieved gross revenues of $59 million with an operating profit margin of 86.4% and an occupancy rate of 99.8%[68] Regional Performance - Macao Operations' net revenues grew to $1.811 billion in March 2024, a 41.6% increase from $1.279 billion in March 2023[33] - The Londoner Macao's net revenues more than doubled to $562 million in March 2024, compared to $283 million in March 2023[33]

Las Vegas Sands Corp. (LVS) is scheduled to report first-quarter 2024 results on Apr 17, 2024, after the closing bell. In the previous quarter, the company reported a negative earnings surprise of 9.5%.What Do the Estimates Say?The Zacks Consensus Estimate for first-quarter earnings per share (EPS) is pegged at 62 cents, indicating a surge of 121.4% from 28 cents reported in the year-ago quarter.For revenues, the consensus mark is pegged at nearly $3 billion. The metric suggests an increase of 39.9% from th ...