Core Insights - The House Edge is recognized as a unique marketplace service in the casino, gaming, and online sports betting sectors, providing superior returns through in-depth research and industry insights [1][2] Company Insights - Howard Jay Klein, with 30 years of experience in major casino operations, leads The House Edge and focuses on value investing by assessing management quality [2] - Klein's background includes significant roles at Ballys, Trump Taj Mahal, Mohegan Sun, and Caesars Palace, contributing to his extensive knowledge of the industry [2] Industry Insights - The House Edge leverages a vast intelligence network across the US gambling and entertainment sectors, including insights from various levels of employees and management [2]

Core Points - Las Vegas Sands and Marina Bay Sands have partnered with The Food Bank Singapore to enhance its Bank Card Program through the Sands Cares Accelerator, a three-year initiative aimed at increasing community impact [1][4][9] - The Food Bank Singapore will receive $100,000 annually for three years, along with strategic guidance and mentorship to improve its food distribution processes [2][5] - The Bank Card Program currently assists beneficiaries in receiving food aid from over 300 partners, and the initiative aims to digitize operations for better efficiency and outreach [3][5] Company Initiatives - The Sands Cares Accelerator was launched in 2017 to support nonprofits at a critical growth stage, providing extended funding and customized support [4][9] - The Food Bank Singapore is the seventh organization to join the Accelerator, which has invested over $1.6 million and facilitated hundreds of hours of consulting [5][10] - The partnership with Marina Bay Sands has been ongoing since 2016, involving food donations and volunteer efforts from the resort's team members [6][8] Community Impact - The Food Bank Singapore redistributes over 2 million meals annually to vulnerable families and individuals through its network of more than 300 feeding partners [5][16] - The Sands Cares Accelerator aims to help nonprofits build capacity and enhance program offerings to better serve their communities [9][10] - The initiative reflects the philanthropic legacy of Sands' founder, emphasizing corporate involvement in addressing community needs [9]

Core Viewpoint - Las Vegas Sands reported mixed financial results for Q4 2024, with earnings missing estimates while revenues exceeded expectations, indicating a complex operational landscape as the company navigates recovery in key markets [2][4][30]. Financial Performance - Adjusted earnings per share (EPS) for Q4 2024 were 54 cents, missing the Zacks Consensus Estimate of 60 cents by 10%, down from 57 cents in the same quarter last year [4]. - Quarterly net revenues reached $2.90 billion, surpassing the consensus mark of $2.85 billion, but fell 0.7% year-over-year [4]. - For the full year 2024, net revenues totaled $11.3 billion, an increase from $10.4 billion in 2023, with operating income rising to $2.4 billion from $2.3 billion [27]. Operational Highlights - Marina Bay Sands in Singapore showed solid performance with net revenues of $1.14 billion, up from $1.06 billion year-over-year, driven by increases in casino, rooms, and mall revenues [23][24]. - The Venetian Macao reported net revenues of $682 million, down from $748 million, primarily due to decreased casino revenues [5]. - Adjusted property EBITDA for the consolidated company totaled $1.1 billion in Q4, down from $1.2 billion in the previous year [26]. Market Trends - The company is optimistic about growth in Macao and Singapore, supported by ongoing capital investments and increased tourism spending in Asia [3]. - Estimates for the stock have trended downward, with a consensus estimate shift of -11.3% over the past month [30]. Capital Expenditures - Capital expenditures in the reported quarter amounted to $547 million, with $345 million allocated to Macao and $194 million to Marina Bay Sands [29]. Financial Position - As of December 31, 2024, Las Vegas Sands had unrestricted cash balances of $3.65 billion, down from $4.21 billion in the previous quarter, while total debt outstanding decreased to $13.62 billion from $13.88 billion [28].

Financial Performance - Integrated Resorts in Macao and Singapore contributed 53% and 47% of total adjusted property EBITDA, respectively, during 2024[27]. - Macao's annual gross gaming revenues reached 226.78 billion patacas (approximately $28.35 billion) in 2024, marking a 23.9% increase compared to 2023[47]. - Visitation to Macao was approximately 35 million in 2024, reflecting a 23.8% increase from 2023[48]. - Singapore welcomed approximately 16.5 million international visitors in the twelve months ended December 31, 2024, a 21.4% increase compared to 2023[56]. - The company employs approximately 40,300 employees worldwide, with about 39,900 being full-time[67]. Gaming Operations - The mass market gaming segment is expected to continue delivering long-term growth due to economic expansion and an increasing number of high net worth individuals in Asia[28]. - The Venetian Macao features approximately 503,000 square feet of gaming space with 678 table games and 1,140 slot machines[39]. - The Parisian Macao includes approximately 272,000 square feet of gaming space with 267 table games and 900 slot machines[43]. - Marina Bay Sands offers approximately 162,000 square feet of gaming space with around 543 table games and 3,000 slot machines and ETGs[46]. - The company is focused on enhancing its high-quality gaming product offerings to capture a larger share of the Macao gaming market[51]. Development Projects - The Londoner Macao's Phase II renovation is expected to be substantially complete in the first half of 2025, adding 1,382 and 1,023 rooms and suites[42]. - The Londoner Grand casino opened on September 26, 2024, as part of the ongoing development projects[42]. - Significant investments have been announced for new resort development projects on Cotai, aimed at increasing Macao's appeal as a business and leisure tourism hub[50]. - The total estimated cost for the Londoner Macao projects is $1.2 billion, expected to be substantially completed in the first half of 2025[79]. - The MBS Expansion Project in Singapore has an estimated total project cost of approximately $8.0 billion, including an additional 2,000 square meters of gaming area[82]. Financial Commitments and Investments - The company is obligated to invest an additional 5.56 billion patacas (approximately $695 million) in non-gaming projects due to Macao's annual gross gaming revenue reaching 183.06 billion patacas in 2023[96]. - The total investment commitment in Macao has increased to 35.80 billion patacas (approximately $4.48 billion) due to the additional investment requirement[96]. - The company has committed to invest at least 30.24 billion patacas (approximately $3.78 billion) in Macao as part of its concession agreement[95]. - As of December 31, 2024, approximately $1.36 billion has been incurred for the MBS development project, with an additional land premium estimated at $1.0 billion[84]. - The renovation of Marina Bay Sands Towers 1 and 2 cost approximately $1.0 billion, with ongoing renovations for Tower 3 estimated at $750 million[86]. Regulatory and Tax Environment - The annual fee for the Macao concession is estimated at $13 million for 2025, increasing to approximately $42 million annually for the subsequent seven years[93]. - VML received an exemption from Macao's corporate income tax on profits generated by casino operations for the period from January 1, 2023, through December 31, 2027[116]. - A shareholder dividend tax agreement was entered into with the Macao government, effective for the period from January 1, 2023, through December 31, 2025, substituting a 12% tax on dividend distributions[117]. - The goods and services tax on gross gaming revenue increased from 7% to 9% effective January 1, 2024[128]. - The casino tax rates for premium players increased to 12% and for mass players to 22% on gross gaming revenue above specified thresholds[128]. Risks and Challenges - The company faces significant risks associated with its operations in Macao, including economic, political, and legal uncertainties[135]. - The company’s operations are sensitive to fluctuations in discretionary consumer spending and may be adversely affected by economic downturns[153]. - The company is exposed to competition from numerous casinos in Macao and Singapore, as well as emerging markets in Asia, which could negatively affect its market position[186][187]. - The company faces potential adverse effects on operations and cash flows due to restrictions on subsidiaries in Singapore, Macao, and Hong Kong regarding distributions and currency exchange limitations[206]. - The company is subject to extensive regulations governing its operations in various jurisdictions, which may impact its ability to obtain or renew licenses[161]. Debt and Financial Position - As of December 31, 2024, the company had $13.75 billion of debt outstanding, net of original issue discount and deferred offering costs[170]. - The company expects $3.16 billion, $3.49 billion, $1.45 billion, $1.91 billion, and $1.91 billion in debt maturing during the years ending December 31, 2025, 2026, 2027, 2028, and 2029, respectively[173]. - The company has unrestricted cash and cash equivalents of $2.69 billion and restricted cash of $125 million as of December 31, 2024, with approximately $2.14 billion available for repatriation[145]. - The company suspended its quarterly dividend program in April 2020 due to COVID-19, but reinstated it in August 2023[142]. - The company’s future dividend payments will be at the discretion of the Board of Directors, considering various financial factors[142].

Core Viewpoint - The article discusses the performance and investment potential of Las Vegas Sands Corp. (NYSE: LVS), highlighting its stock trading history and the author's analytical approach to investment research [1]. Company Performance - Las Vegas Sands Corp. was last covered in November when its stock was trading at $51.75, indicating a focus on historical stock performance [1]. Investment Strategy - The author emphasizes a fundamental, bottom-up approach to research, focusing on true economic earnings and avoiding complex models that may lead to inaccuracies [1]. - The investment philosophy is conservative and long-term, with a preference for companies that demonstrate above-average sustainable profitability [1].

Core Points - Las Vegas Sands will contribute nearly $350,000 over three academic years to support the National Hispanic Institute's leadership development program for Latino high school students in Las Vegas [1][2] - The new funding builds on a previous three-year grant that helped establish NHI's presence in Las Vegas and supported organizational expenses and student stipends [2] - From 2022 to 2024, Sands Cares funding enabled 97 students to complete NHI's programs, with over 25 returning as volunteers [2] Funding and Program Details - The funding for the 2024-2025 academic year will cover student tuition stipends, travel expenses, recognition ceremonies, a civic project, an organizational fundraiser, and a local administrator [4] - NHI plans to hold a one-day leadership program for eighth graders and publish an annual report for the Las Vegas community [4] Student Development and Impact - NHI's program includes a multi-level leadership training that prepares students for success in public and private sectors [4] - Students participate in various activities, including the Great Debate, Lorenzo de Zavala Youth Legislative Session, and Collegiate World Series, focusing on communication, governance, and college preparation [3] Corporate Responsibility and Community Engagement - Sands emphasizes its commitment to building a diverse workforce and enhancing community engagement through its Sands Cares program [5] - The company has been recognized for its ESG leadership, being included in the Dow Jones Sustainability Indices for World and North America [9]

Core Viewpoint - Las Vegas Sands expresses confidence in future success due to strong assets in the Macao gambling market, despite recent challenges from the Chinese economy [2][3]. Financial Performance - Las Vegas Sands reported $11.3 billion in revenue for 2024, with $7.1 billion generated from Macao operations [2][5]. - The company's fourth-quarter capital expenditures totaled $547 million, including $345 million in Macao [4]. Market Outlook - The CEO predicts that gross gaming revenue in Macao will exceed $30 billion by 2025, indicating growth potential [3]. - The total gaming revenue in Macao for 2024 was 226.8 billion patacas ($28.3 billion), a decline from 293.3 billion patacas ($36.6 billion) in 2019 due to the pandemic [3]. Investor Sentiment - Investors reacted positively to the company's outlook, with shares rising 11% on the day following the earnings call, nearing positive territory over the past 12 months [5].

Core Viewpoint - Las Vegas Sands Corp. (LVS) reported mixed fourth-quarter 2024 results, with earnings missing estimates while net revenues exceeded expectations, although both metrics declined year-over-year [1][4]. Financial Performance - Adjusted earnings per share (EPS) for Q4 2024 were 54 cents, missing the Zacks Consensus Estimate of 60 cents by 10%, down from 57 cents in the same quarter last year [4]. - Net revenues reached $2.90 billion, surpassing the consensus mark of $2.85 billion, but fell 0.7% year-over-year [4]. - Adjusted property EBITDA totaled $1.1 billion, down from $1.2 billion reported in the year-ago quarter [23]. Asian Operations - Marina Bay Sands in Singapore reported net revenues of $1.14 billion, up from $1.06 billion year-over-year, driven by increases in casino, rooms, and mall revenues [20][21]. - The Venetian Macao's net revenues were $682 million, down from $748 million, primarily due to decreased casino revenues [5]. - The Londoner Macao's net revenues decreased to $518 million from $589 million, attributed to declines in casino, rooms, and food and beverage revenues [9]. - The Parisian Macao saw a slight increase in net revenues to $228 million from $222 million, driven by improved casino revenues [12]. - Sands Macao reported net revenues of $86 million, up from $81 million, supported by a rise in casino revenues [18]. Capital Expenditures and Financial Position - Capital expenditures for the reported quarter totaled $547 million, with $345 million allocated to Macao and $194 million to Marina Bay Sands [25]. - As of December 31, 2024, unrestricted cash balances were $3.65 billion, down from $4.21 billion in the previous quarter, while total debt outstanding decreased to $13.62 billion from $13.88 billion [25]. Market Reaction - Following the earnings announcement, shares of LVS gained 7.4% during after-hours trading [3]. 2024 Highlights - For the full year 2024, net revenues were $11.3 billion, up from $10.4 billion in 2023, and diluted EPS increased to $1.96 from $1.60 [24].

Core Insights - Las Vegas Sands reported $2.9 billion in revenue for Q4 2024, a year-over-year decline of 0.7%, with EPS of $0.54 compared to $0.57 a year ago, indicating a slight decrease in profitability [1] - The reported revenue exceeded the Zacks Consensus Estimate of $2.85 billion, resulting in a surprise of +1.53%, while the EPS fell short of the consensus estimate of $0.60, reflecting a surprise of -10.00% [1] Financial Performance Metrics - RevPAR for Marina Bay Sands was $874, significantly higher than the average estimate of $740.88 from three analysts [4] - Rolling Chip volume at Marina Bay Sands reached $8.07 billion, surpassing the estimated $7.24 billion [4] - Non-Rolling Chip table games revenue at Marina Bay Sands was $2.34 billion, exceeding the $2 billion average estimate [4] - Slot handle for Marina Bay Sands was $6.57 billion, above the estimated $6.23 billion [4] - Total net revenues for Marina Bay Sands were $1.14 billion, compared to the average estimate of $1.01 billion, representing a year-over-year increase of +7.2% [4] - Revenue from Macao totaled $1.77 billion, below the average estimate of $1.88 billion, reflecting a year-over-year decline of -4.9% [4] - The Parisian Macao generated net revenues of $228 million, compared to the average estimate of $262.80 million, marking a +2.7% year-over-year change [4] - The Venetian Macao reported net revenues of $682 million, lower than the average estimate of $776.48 million, indicating an -8.8% year-over-year decline [4] - The Plaza Macao and Four Seasons Macao achieved net revenues of $223 million, compared to the average estimate of $266.22 million, representing a +16.2% year-over-year increase [4] - The Londoner Macao's net revenues were $518 million, slightly above the average estimate of $507.73 million, reflecting a -12.1% year-over-year change [4] - Sands Macao reported net revenues of $86 million, exceeding the average estimate of $82.56 million, with a year-over-year increase of +6.2% [4] - Revenue from Marina Bay Sands rooms was $125 million, surpassing the average estimate of $110.60 million, indicating a +6.8% year-over-year increase [4] Stock Performance - Las Vegas Sands shares have returned -15.8% over the past month, contrasting with the Zacks S&P 500 composite's +1.7% change, suggesting underperformance relative to the broader market [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it may perform in line with the market in the near term [3]

Core Insights - Las Vegas Sands (LVS) reported quarterly earnings of $0.54 per share, missing the Zacks Consensus Estimate of $0.60 per share, and down from $0.57 per share a year ago, representing a -10% earnings surprise [1] - The company posted revenues of $2.9 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.53%, but down slightly from $2.92 billion year-over-year [2] - Las Vegas Sands shares have declined approximately 15.8% since the beginning of the year, contrasting with the S&P 500's gain of 3.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.69 on revenues of $3.01 billion, and for the current fiscal year, it is $2.76 on revenues of $12.22 billion [7] - The estimate revisions trend for Las Vegas Sands is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Gaming industry, to which Las Vegas Sands belongs, is currently ranked in the top 18% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]