Financial Data and Key Metrics Changes - The company has experienced a volatile stock price, fluctuating between $32 and $42, reflecting broader market concerns rather than specific internal issues [2][3] - Post-COVID recovery in visitation levels in Macao has been noted, but spending per visitor has not rebounded to pre-COVID levels, indicating a decoupling of visitation and spending [15][19] Business Line Data and Key Metrics Changes - In Macao, visitation has recovered, but the spending per visitor has decreased, leading to a flat market performance [16][19] - The company remains the largest investor in Macao, continuously investing in renovations and improvements, although returns have not met expectations [32][34] Market Data and Key Metrics Changes - The overall gaming market in Macao has shown signs of recovery, with positive outcomes expected from recent holiday travel, but the market remains inconsistent [22][24] - Singapore's market is performing strongly, with expectations of continued growth in EBITDA, driven by high-end luxury customers [58][60] Company Strategy and Development Direction - The company is focused on long-term investments in quality and scale, believing that great buildings will drive returns despite current market challenges [32][34] - There is a recognition that the competitive landscape in Macao has shifted towards more aggressive incentive-driven strategies, which the company needs to adapt to [90][92] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of the Chinese and Macao markets, despite current challenges [5][24] - Concerns about the US-China relationship and its impact on consumer confidence were highlighted as significant factors affecting business performance [50][53] Other Important Information - The company is investing in smart tables to enhance gaming experiences and improve operational efficiency, which is expected to revolutionize the gaming industry [112][116] - The company is exploring opportunities in Thailand, citing favorable operating conditions if legislation aligns [130] Q&A Session Summary Question: What are the current challenges in Macao? - Management noted that while visitation has recovered, spending has not, and the market is more challenging than pre-COVID due to various factors including consumer sentiment and competition [16][19][24] Question: How is Singapore performing compared to Macao? - Singapore is performing exceptionally well, with high EBITDA and a strong luxury market presence, contrasting with the struggles faced in Macao [58][60] Question: What is the company's strategy regarding online gaming? - The company has found online gaming to be complicated and competitive, with no clear path to a significant online presence at this time [110][111] Question: What innovations are being implemented in gaming? - The introduction of smart tables is expected to enhance security and customer data acquisition, improving the overall gaming experience [112][116] Question: What are the future growth opportunities? - Management indicated limited growth opportunities in existing markets, with a focus on capital allocation towards upgrading properties and exploring potential in Thailand [130][131]

Core Insights - BetMGM has entered into a partnership with the Las Vegas Aces, becoming the exclusive online casino and sportsbook partner for the WNBA team through the 2027 season, marking its first major collaboration with a women's professional sports franchise [1][2][3] - The partnership includes various promotional activities, such as signage at the Michelob ULTRA Arena, sponsorship on Aces' social media, and exclusive experiences for BetMGM players [1][2] - BetMGM will also serve as an authorized gaming partner of the WNBA, gaining commercial inventory on nationally televised games and the rights to co-branded content [2][3] Partnership Details - The "BetMGM Steals for Meals" program will donate $50 to The Just One Project for every steal made by the Aces during home games, aimed at supporting food-insecure families [3][4] - BetMGM plans to launch a WNBA-branded online slot game, which will be the first-ever WNBA online casino game, available exclusively on its platform [2][3] Market Growth - BetMGM reported a 133% year-over-year growth in betting on the WNBA during the 2024 season, reflecting the increasing popularity of women's sports [4] - The WNBA has seen significant growth in fan engagement, and BetMGM aims to leverage this momentum by expanding its betting markets and enhancing fan experiences [5] Company Background - BetMGM is a leading sports betting and gaming entertainment company, formed through a partnership between MGM Resorts International and Entain Plc, and has exclusive access to MGM's U.S. sports betting and online gaming operations [7] - The Las Vegas Aces have achieved notable success, including back-to-back WNBA Championships in 2022 and 2023, and have established a strong fan base, selling out their season ticket allotment in 2024 [8][9]

Core Viewpoint - Las Vegas Sands (LVS) shares have increased by approximately 9.5% since the last earnings report, outperforming the S&P 500, but there are concerns about whether this positive trend will continue leading up to the next earnings release [1] Estimates Movement - Estimates for Las Vegas Sands have trended downward over the past month, with the consensus estimate shifting down by 11.02% [2] VGM Scores - Las Vegas Sands currently holds a Growth Score of B, a Momentum Score of C, and a Value Score of B, placing it in the top 40% for the value investment strategy, resulting in an aggregate VGM Score of B [3] Outlook - The downward trend in estimates suggests a negative outlook for Las Vegas Sands, reflected in its Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [4]

Group 1 - The article expresses a bullish outlook on Las Vegas Sands Corp. (NYSE: LVS) with a buy recommendation, highlighting its presence in high growth markets such as Macao and Singapore [1] - The financial performance of Las Vegas Sands is described as impressive, indicating a bright future for the company [1] Group 2 - The author has extensive experience in evaluating market trends and analyzing investment opportunities, which adds credibility to the analysis provided [1]

Core Insights - Las Vegas Sands and the Thurgood Marshall College Fund have selected 15 students from 13 historically Black colleges and universities to participate in the Sands Hospitality Immersion Program, aimed at inspiring career exploration in the hospitality industry [1][2][7] Group 1: Program Overview - The Sands Hospitality Immersion Program will take place from June 2-6, 2025, in Las Vegas, providing students with a behind-the-scenes look at the hospitality industry [1][2] - The program includes on-campus learning sessions, industry speaker interactions, and hands-on activities such as a cooking competition led by executive chefs [5][6] - Students will receive insider tours of integrated resorts, convention spaces, and sports venues, enhancing their understanding of the hospitality sector [5][6] Group 2: Student Participation - The selected students are rising juniors and seniors studying various majors, including accounting, business administration, hospitality management, and supply chain management [3][4] - The program aims to expose students to a wide range of professional careers within the hospitality industry, which is one of the fastest-growing employment fields globally [4][8] Group 3: Industry Impact - The hospitality industry continues to experience significant job growth, with opportunities in hospitality operations, event management, and professional services [8] - Las Vegas Sands emphasizes its commitment to workforce development and attracting diverse candidates to the hospitality sector through initiatives like this immersion program [7][8] Group 4: Organizational Background - Las Vegas Sands is a leading global developer and operator of integrated resorts, contributing to leisure and business tourism while providing economic benefits and job creation in host regions [10][11] - The Thurgood Marshall College Fund is the largest organization representing the Black college community, supporting students through scholarships and partnerships with employers [13]

Core Viewpoint - Las Vegas Sands has made a $100,000 contribution to Dress for Success Southern Nevada to support programs aimed at empowering unemployed and underemployed women through job readiness and skills development resources [1][2]. Group 1: Contribution and Impact - The 2025 Sands Cares donation continues to support capacity-building initiatives for DFS Southern Nevada, enhancing services such as personalized suiting, job readiness, career coaching, and financial literacy programs [2][5]. - Sands was honored with the Community Impact Award by DFS Southern Nevada for its ongoing support, highlighting the positive impact on the community [3][4]. - Since its inception in 2009, DFS Southern Nevada has assisted over 13,000 women, with more than 50% of clients living below the poverty line [4][15]. Group 2: Program Details - The funding supports job readiness initiatives, including digital skills education, software for job applications, facility upgrades for client privacy, and resources for mentorship and training [5][6]. - The Sands Cares investment also backs the Styling for Success program, providing clients with professional attire to boost confidence during job searches [6][7]. - Financial and digital literacy programs are included, covering budgeting, saving, investing, and providing laptops to clients upon course completion [7][8]. Group 3: Strategic Alignment - The partnership aligns with Sands' focus on workforce development, aiming to empower women and enhance job skills within the local labor pool [8][9]. - The organization has a proven track record of transforming lives, benefiting not only the women served but also their families [8].

Financial Performance - Total net revenues for the three months ended March 31, 2025, were $2.86 billion, a decrease of 3.3% compared to $2.96 billion for the same period in 2024[127]. - Operating income was $609 million for the three months ended March 31, 2025, down from $717 million for the same period in 2024[127]. - Net income decreased to $408 million for the three months ended March 31, 2025, compared to $583 million for the same period in 2024[127]. - Consolidated adjusted property EBITDA decreased to $1,140 million in Q1 2025 from $1,207 million in Q1 2024, a decline of 5.6%[150]. - Adjusted property EBITDA for Macao operations fell by $75 million compared to Q1 2024, primarily due to decreased casino operations[151]. Casino Operations - Casino revenues decreased by $101 million, with Macao operations contributing a $99 million decline and Marina Bay Sands a $2 million decline[129]. - Non-Rolling Chip drop in Macao decreased by 6.4% to $2.26 billion, while Non-Rolling Chip win percentage fell by 2.6 percentage points to 22.7%[130]. - Rolling Chip volume at The Venetian Macao decreased by 16.7% to $862 million, with win percentage dropping by 4.53 percentage points to 2.18%[130]. - Marina Bay Sands reported total net casino revenues of $857 million, a slight decrease of 0.2% compared to the previous year[131]. - Food and beverage revenues decreased by $9 million compared to the three months ended March 31, 2024, driven by decreased business volume at Macao operations[137]. Revenue Sources - Room revenues decreased by $6 million compared to the three months ended March 31, 2024, with a $9 million decrease at Macao operations, partially offset by a $3 million increase at Marina Bay Sands[134]. - Total room revenues for Macao operations in Q1 2025 were $53 million for The Venetian Macao, $73 million for The Londoner Macao (down 18.0%), and $35 million for The Parisian Macao[135]. - Mall revenues increased by $12 million compared to the same period in 2024, driven by a $9 million increase in Macao operations and a $3 million increase at Marina Bay Sands[138]. Expenses and Costs - Operating expenses for the three months ended March 31, 2025, were $2.25 billion, an increase of $11 million from $2.24 billion in the same period in 2024[141]. - Casino expenses decreased by $23 million compared to the three months ended March 31, 2024, primarily due to a $41 million decrease in gaming taxes at Macao operations[142]. - Provision for credit losses was $5 million for Q1 2025, down from $11 million in Q1 2024, reflecting a decrease at Marina Bay Sands[143]. - Development expenses increased to $69 million in Q1 2025 from $53 million in Q1 2024, primarily due to increased efforts in digital gaming pursuits[146]. - Depreciation and amortization increased by $42 million compared to the same period in 2024, attributed to renovations completed at Marina Bay Sands[147]. Cash and Debt Management - The company had total unrestricted cash and cash equivalents of $3.04 billion as of March 31, 2025, with additional borrowing capacity of $4.39 billion across various facilities[117]. - Net cash generated from operating activities decreased by $188 million to $526 million for the three months ended March 31, 2025, compared to $714 million in the same period of 2024[178]. - The company held unrestricted cash and cash equivalents of $3.04 billion and restricted cash of $125 million as of March 31, 2025[188]. - The company repurchased 10,086,681 shares for $454 million during Q1 2025, with an increased share repurchase authorization from $1.10 billion to $2.0 billion[193]. - Total debt obligations for 2025, including the new Singapore Credit Facility, amount to $2.842 billion[196]. Investments and Future Projects - The company committed to invest at least 35.84 billion patacas (approximately $4.47 billion) in Macao, with 33.39 billion patacas (approximately $4.17 billion) allocated for non-gaming projects by December 2032[166]. - The Londoner Macao renovation includes 2,405 rooms and suites, with 1,746 licensed for occupancy by March 31, 2025, at a total estimated cost of $1.2 billion[169]. - The MBS Expansion Project in Singapore will add a hotel tower, premium gaming areas, and a live entertainment arena with approximately 15,000 seats, with a total project cost estimated at $8.0 billion[173]. - As of March 31, 2025, the company incurred approximately $2.3 billion in costs related to the MBS development project, including $845 million for the Additional Gaming Area payment[174]. - The company is evaluating additional development projects globally and pursuing new opportunities[177]. Market Risks and Economic Outlook - The company’s primary exposures to market risk include interest rate risk and foreign currency exchange rate risk[206]. - The company anticipates that its future operations may be affected by various risks, including economic downturns and regulatory changes[200]. - A hypothetical 100 basis point change in market rates would cause the fair value of the company's debt to change by $273 million[207]. - A hypothetical 1% weakening of the U.S. dollar/pataca exchange rate would result in a foreign currency transaction loss of approximately $17 million[208]. - Foreign currency transaction losses were $1 million for the three months ended March 31, 2025, primarily due to U.S. dollar denominated debt[208].

Core Viewpoint - Las Vegas Sands Corp. reported first-quarter 2025 results with earnings and revenues missing expectations, attributed to a challenging macro environment [1][3][4] Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were 59 cents, missing the Zacks Consensus Estimate of 60 cents by 1.7%, down from 73 cents in the same quarter last year [3] - Quarterly net revenues totaled $2.86 billion, falling short of the consensus mark of $2.88 billion and declining 3.3% year over year [4] Asian Operations - The Venetian Macao reported net revenues of $638 million, down from $771 million year-over-year, primarily due to decreased casino revenues [5] - The Londoner Macao's net revenues were $529 million, down from $562 million, with declines in casino, rooms, and food and beverage revenues [9] - The Parisian Macao's net revenues were $227 million, slightly down from $230 million, with stable revenues from rooms and food and beverage [13] - The Plaza Macao and Four Seasons Macao saw net revenues increase to $208 million from $142 million, attributed to higher casino and rooms revenues [15] Operational Metrics - Adjusted property EBITDA for the Venetian Macao was $225 million, down from $314 million year-over-year [7] - Adjusted property EBITDA for the Londoner Macao was $153 million, down from $172 million [11] - Adjusted property EBITDA for the Parisian Macao was $66 million, compared to $71 million last year [14] - Adjusted property EBITDA for the Plaza Macao and Four Seasons Macao increased to $74 million from $36 million [16] Marina Bay Sands Performance - Marina Bay Sands in Singapore reported net revenues of $1.16 billion, up from $1.15 billion year-over-year, supported by increased room and mall revenues [20] - Adjusted property EBITDA for Marina Bay Sands was $605 million, up from $597 million [22] Consolidated Financials - On a consolidated basis, adjusted property EBITDA totaled $1.14 billion in Q1 2025, down from $1.21 billion in the previous year [23] - As of March 31, 2025, unrestricted cash balances were $3.04 billion, down from $3.65 billion in the previous quarter, while total debt outstanding increased to $13.71 billion from $13.62 billion [24]

1Q25 Earnings Presentation April 23, 2025 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 presentation, the words "anticipates," "believes," ...

Core Insights - Las Vegas Sands (LVS) reported a revenue of $2.86 billion for the quarter ended March 2025, reflecting a decrease of 3.3% year-over-year, with EPS at $0.59 compared to $0.75 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $2.88 billion, resulting in a surprise of -0.47%, while the EPS also missed the consensus estimate of $0.60 by -1.67% [1] Financial Performance Metrics - LVS shares have returned -15.7% over the past month, underperforming the Zacks S&P 500 composite, which saw a decline of -6.6% [3] - Key metrics for LVS in Macao include: - Rolling Chip volume at Sands Macao was $59 million, exceeding the average estimate of $43.48 million [4] - RevPAR at Sands Macao was $172, slightly above the average estimate of $169.70 [4] - Rolling Chip win percentage at Sands Macao was 4.2%, surpassing the estimated 3.7% [4] - Net Revenues for Sands Macao were $75 million, below the average estimate of $83.66 million, marking a -1.3% change year-over-year [4] - Net Revenues for The Plaza Macao and Four Seasons Macao were $208 million, exceeding the estimate of $223.05 million, representing a +46.5% change year-over-year [4] - Net Revenues for The Parisian Macao were $227 million, below the estimate of $245.07 million, reflecting a -1.3% change year-over-year [4] - Net Revenues for The Londoner Macao were $529 million, under the estimate of $558.90 million, indicating a -5.9% change year-over-year [4] - Net Revenues for The Venetian Macao were $638 million, below the estimate of $688.20 million, showing a -17.3% change year-over-year [4] - Marina Bay Sands reported revenues of $1.16 billion, slightly above the estimate of $1.14 billion, with a +0.4% change year-over-year [4] - Total revenue for Macao was $1.71 billion, below the estimate of $1.82 billion, reflecting a -5.6% change year-over-year [4] - Food and Beverage revenue for The Venetian Macao was $15 million, below the estimate of $17.53 million, indicating an -11.8% change year-over-year [4]