Why Is Las Vegas Sands (LVS) Down 9.3% Since Last Earnings Report?

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].