LVSC(US:LVS) Zacks Investment Research·2024-04-18 15:31Core Insights - Las Vegas Sands Corp. (LVS) reported strong first-quarter 2024 results, with earnings and revenues exceeding expectations and showing year-over-year growth [1][2] Financial Performance - Adjusted earnings per share (EPS) for Q1 2024 were 75 cents, surpassing the Zacks Consensus Estimate of 62 cents by 21%, and up from 28 cents in the same quarter last year [2] - Quarterly revenues reached $2.96 billion, exceeding the consensus mark of $2.94 billion by 0.6%, and representing a 39.6% increase from $2.12 billion in the prior year [2] Asian Operations - The Venetian Macao generated net revenues of $771 million, up from $558 million year-over-year, driven by increases in casino, rooms, food and beverage, and mall revenues [4] - The Londoner Macao reported net revenues of $562 million, significantly up from $283 million, supported by growth in casinos, rooms, and food and beverage revenues [6] - The Parisian Macao's net revenues increased to $230 million from $174 million, primarily due to improved casino, rooms, and food and beverage revenues [8] - Sands Macao's net revenues were $76 million, slightly up from $74 million, attributed to a rise in casino revenues [10] - Marina Bay Sands in Singapore saw net revenues of $1.16 billion, up from $848 million, driven by increases in casino, rooms, food and beverage, and mall revenues [11] Operational Metrics - Adjusted property EBITDA for LVS reached $1.21 billion in Q1 2024, compared to $792 million in the same quarter last year [13] - The Venetian Macao's hotel revenue per available room (RevPAR) was $198, up from $177, with occupancy rates at 97.7%, compared to 85.7% previously [5] - The Londoner Macao's hotel RevPAR increased to $182 from $108, with occupancy rates at 96.5%, up from 46.7% [7] - Marina Bay Sands' hotel RevPAR was $677, compared to $580 in the previous year, with occupancy rates at 95% [12] Balance Sheet - As of March 31, 2024, LVS had unrestricted cash balances of $4.96 billion, down from $5.11 billion in the previous quarter, and total debt outstanding was $13.94 billion, reduced from $14.01 billion [14]