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Las Vegas Sands' (LVS) Q4 Earnings Lag Estimates, Revenues Top
LVSLVSC(LVS) Zacks Investment Research·2024-01-25 16:56

Core Viewpoint - Las Vegas Sands Corp. (LVS) reported mixed fourth-quarter 2023 results, with earnings missing estimates while revenues exceeded expectations, reflecting a year-over-year improvement in both metrics [1][2]. Financial Performance - Adjusted earnings per share (EPS) for Q4 2023 were 57 cents, missing the Zacks Consensus Estimate of 63 cents, compared to an adjusted loss of 19 cents per share in the same quarter last year [2]. - Quarterly revenues reached 2.92billion,surpassingtheconsensusmarkof2.92 billion, surpassing the consensus mark of 2.9 billion, and increased by 161% from 1.1billionreportedintheyear−agoquarter[2].AsianOperations−TheVenetianMacaogeneratednetrevenuesof1.1 billion reported in the year-ago quarter [2]. Asian Operations - The Venetian Macao generated net revenues of 748 million, up from 201millionintheprior−yearquarter,drivenbyincreasesincasino,rooms,andmallrevenues[4].−TheLondonerMacaoreportednetrevenuesof201 million in the prior-year quarter, driven by increases in casino, rooms, and mall revenues [4]. - The Londoner Macao reported net revenues of 589 million, significantly up from 93million,supportedbygrowthincasinos,rooms,andfoodandbeveragerevenues[6].−TheParisianMacao′snetrevenueswere93 million, supported by growth in casinos, rooms, and food and beverage revenues [6]. - The Parisian Macao's net revenues were 222 million, up from 51million,primarilyduetoimprovementsincasino,rooms,andfoodandbeveragerevenues[8].−ThePlazaMacaoandFourSeasonsMacaosawnetrevenuesof51 million, primarily due to improvements in casino, rooms, and food and beverage revenues [8]. - The Plaza Macao and Four Seasons Macao saw net revenues of 192 million, an increase from 75million,attributedtorisesincasino,rooms,andmallrevenues[10].−SandsMacaoreportednetrevenuesof75 million, attributed to rises in casino, rooms, and mall revenues [10]. - Sands Macao reported net revenues of 81 million, compared to 17millionintheprior−yearperiod,mainlyduetoincreasedcasinorevenues[11].−MarinaBaySandsinSingaporeachievednetrevenuesof17 million in the prior-year period, mainly due to increased casino revenues [11]. - Marina Bay Sands in Singapore achieved net revenues of 1.06 billion, up from 682million,drivenbyincreasesacrossvariousrevenuestreams[13].OperationalMetrics−AdjustedpropertyEBITDAfortheconsolidatedcompanytotaled682 million, driven by increases across various revenue streams [13]. Operational Metrics - Adjusted property EBITDA for the consolidated company totaled 1.2 billion in Q4 2023, compared to 222millionintheyear−agoquarter[15].−For2023,netrevenuesreached222 million in the year-ago quarter [15]. - For 2023, net revenues reached 10.4 billion, up from 4.1billionin2022,withoperatingincomeimprovingto4.1 billion in 2022, with operating income improving to 2.3 billion from a loss of 0.8billion[16].BalanceSheet−AsofDecember31,2023,unrestrictedcashbalanceswere0.8 billion [16]. Balance Sheet - As of December 31, 2023, unrestricted cash balances were 5.11 billion, down from 5.57billioninthepreviousquarter,whiletotaldebtoutstandingdecreasedto5.57 billion in the previous quarter, while total debt outstanding decreased to 14.01 billion from $14.17 billion [17].