Core Viewpoint - Las Vegas Sands Corp. reported first-quarter 2025 results with earnings and revenues missing expectations, attributed to a challenging macro environment [1][3][4] Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were 59 cents, missing the Zacks Consensus Estimate of 60 cents by 1.7%, down from 73 cents in the same quarter last year [3] - Quarterly net revenues totaled $2.86 billion, falling short of the consensus mark of $2.88 billion and declining 3.3% year over year [4] Asian Operations - The Venetian Macao reported net revenues of $638 million, down from $771 million year-over-year, primarily due to decreased casino revenues [5] - The Londoner Macao's net revenues were $529 million, down from $562 million, with declines in casino, rooms, and food and beverage revenues [9] - The Parisian Macao's net revenues were $227 million, slightly down from $230 million, with stable revenues from rooms and food and beverage [13] - The Plaza Macao and Four Seasons Macao saw net revenues increase to $208 million from $142 million, attributed to higher casino and rooms revenues [15] Operational Metrics - Adjusted property EBITDA for the Venetian Macao was $225 million, down from $314 million year-over-year [7] - Adjusted property EBITDA for the Londoner Macao was $153 million, down from $172 million [11] - Adjusted property EBITDA for the Parisian Macao was $66 million, compared to $71 million last year [14] - Adjusted property EBITDA for the Plaza Macao and Four Seasons Macao increased to $74 million from $36 million [16] Marina Bay Sands Performance - Marina Bay Sands in Singapore reported net revenues of $1.16 billion, up from $1.15 billion year-over-year, supported by increased room and mall revenues [20] - Adjusted property EBITDA for Marina Bay Sands was $605 million, up from $597 million [22] Consolidated Financials - On a consolidated basis, adjusted property EBITDA totaled $1.14 billion in Q1 2025, down from $1.21 billion in the previous year [23] - As of March 31, 2025, unrestricted cash balances were $3.04 billion, down from $3.65 billion in the previous quarter, while total debt outstanding increased to $13.71 billion from $13.62 billion [24]

Core Insights - Las Vegas Sands reported a net revenue of $2.86 billion for Q1 2025, a decrease from $2.96 billion in the same quarter of the previous year [5][25] - The company's operating income was $609 million, down from $717 million year-over-year, and net income fell to $408 million from $583 million [5][25] - Consolidated adjusted property EBITDA was $1.14 billion, compared to $1.21 billion in the prior year quarter [6][25] Financial Performance - The company repurchased $450 million of its shares during the quarter, with a remaining authorization of $1.10 billion, which was later increased to $2.0 billion [10][12] - A quarterly dividend of $0.25 per common share was paid, with the next dividend scheduled for May 14, 2025 [11] - Unrestricted cash balances as of March 31, 2025, were $3.04 billion, with total debt outstanding at $13.71 billion [12][13] Market Insights - In Macao, market growth has softened, but the company remains committed to enhancing tourism appeal and supporting development [3][4] - Marina Bay Sands in Singapore showed strong financial performance, with adjusted property EBITDA of $605 million [4][6] - The company is optimistic about growth opportunities in both Macao and Singapore as travel and tourism spending in Asia expands [2][4] Capital Expenditures - Capital expenditures for the first quarter totaled $379 million, with $197 million allocated to Macao and $175 million to Marina Bay Sands [14] Tax and Interest Expenses - The effective income tax rate for Q1 2025 was 13.4%, significantly higher than 2.8% in the prior year, primarily due to a 17% statutory rate on Singapore operations [9] - Interest expense for the quarter was $174 million, down from $182 million in the previous year, with a weighted average borrowing cost of 4.9% [8]

Core Insights - Analysts expect Las Vegas Sands (LVS) to report quarterly earnings of $0.60 per share, reflecting a year-over-year decline of 20% [1] - Revenue projections stand at $2.93 billion, indicating a slight decrease of 0.9% from the same quarter last year [1] - The consensus EPS estimate has been adjusted upward by 2.4% over the past 30 days, suggesting a reassessment of initial projections by analysts [1][2] Revenue Estimates - 'Net Revenues- The Londoner Macao' is estimated at $558.90 million, a decrease of 0.6% from the prior year [4] - 'Net Revenues- The Plaza Macao and Four Seasons Macao' is projected at $223.05 million, showing a significant increase of 57.1% year-over-year [4] - 'Net Revenues- Sands Macao' is forecasted to reach $83.66 million, reflecting a year-over-year increase of 10.1% [4] - 'Net Revenues- The Venetian Macao' is estimated at $688.20 million, indicating a decline of 10.7% from the previous year [5] Key Metrics - The occupancy rate for 'The Parisian Macao' is expected to be 94.2%, down from 95.4% a year ago [5] - The average daily room rate for 'The Londoner Macao' is projected at $236.08, up from $188 in the same quarter last year [6] - 'Non-Rolling Chip drop - The Londoner Macao' is estimated at $1.84 billion, compared to $1.92 billion in the same quarter last year [6] - 'Non-Rolling Chip win percentage - The Londoner Macao' is expected to be 22.3%, an increase from 21.1% in the previous year [7] - 'Rolling Chip volume - The Londoner Macao' is projected at $2.15 billion, compared to $1.88 billion in the same quarter last year [7] - 'Rolling Chip win percentage - The Londoner Macao' is expected to be 3.7%, slightly down from 3.8% a year ago [8] - 'Slot handle - The Londoner Macao' is projected at $1.47 billion, down from $1.62 billion in the same quarter last year [8] - 'Slot hold percentage - The Londoner Macao' is expected to be 4.1%, up from 4% in the previous year [9] Stock Performance - Shares of Las Vegas Sands have decreased by 21.9% over the past month, contrasting with a 5.6% decline in the Zacks S&P 500 composite [11] - LVS holds a Zacks Rank 3 (Hold), indicating expectations to mirror overall market performance in the near future [11]

Core Points - Las Vegas Sands has contributed $100,000 to 100 Black Men Las Vegas to support youth mentorship, scholarship, and community service programs [1] - The funding will enable new initiatives including STEM programs, a public service career pipeline, and real estate training [2] - The contribution also aids in identifying a permanent location for 100 Black Men Las Vegas [3] Youth Programs - The Sands Cares funding supports youth leadership development programs, including the Crossroads mentoring program, which served over 1,500 students in 2024 and resulted in a 20% increase in GPA [4] - The organization aims to provide $100,000 in scholarships in 2025, building on over $80,000 distributed in the previous year [5] - Community service initiatives supported include a monthly Virtual Youth Cooking Class and an annual Thanksgiving dinner distribution event [6] Organizational Background - 100 Black Men Las Vegas, established in 1999, focuses on improving the quality of life and educational opportunities for Black youths and their families [7] - The organization offers various programs addressing mentorship, education, health, economic empowerment, and leadership development [14] - Sands' partnership aligns with its commitment to education and workforce development [8]

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].