Las Vegas Sands' Q4 Earnings Miss Estimate, Revenues Surpass

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].