NEW YORK – Las Vegas Sands Corp. (NYSE:) beat Wall Street expectations in the first quarter, with both earnings and revenue beating analysts’ estimates.
The casino and resort operator reported adjusted earnings per share (EPS) of $0.75, $0.14 above the consensus estimate of $0.61. Revenue for the quarter was also better, coming in at $2.96 billion versus expectations of $2.94 billion.
The company’s financial strength was demonstrated as it reported a significant year-over-year increase in net revenue compared to $2.12 billion in the same period last year. The strong results were partly due to strong growth in Macau and Singapore, said Robert G. Goldstein, the company’s chairman and chief executive officer. He expressed satisfaction with the quarter’s financial and operating results, highlighting the continued recovery in Macau and Marina Bay Sands’ record levels of financial and operating performance in Singapore.
Las Vegas Sands shares posted a modest gain of +0.90% in the secondary market, reflecting investor satisfaction with earnings and revenue growth. The company’s share repurchase program also shows confidence, with $450 million of common stock repurchased during the quarter.
The company’s presence in Macau was particularly noteworthy, with adjusted real estate EBITDA in the region reaching $610 million. However, low support for mobile projects in Macau had a negative impact on adjusted property EBITDA of US$31 million. Conversely, Marina Bay Sands property adjusted EBITDA was US$597 million, supported by high retention on a rolling basis, which had a positive impact to EBITDA by US$77 million.
Las Vegas Sands remains committed to capital investment programs in both Macau and Singapore, with Goldstein highlighting the company’s enthusiasm for delivering industry-leading growth in the years ahead. The company’s pursuit of growth opportunities in new markets and its program to return excess capital to shareholders were also highlighted as key elements of its strategy going forward.
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