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Cotai Continues to Drive Las Vegas Sands Higher

Macau continues to be a boon for Las Vegas Sands (NYSE: LVS  ) , as shown by today's first-quarter results. Quarterly revenue was up 21.4% to $4.01 billion and adjusted property EBITDA increased 26.8% to $1.48 billion. Net income was 35.7% higher than a year ago at $776.2 million, or $0.95 per share.

Sands Cotai Central continues to be a driver of growth with EBITDA more than doubling from a year ago to $265.2 million. But that continues to pull from Sands Macau on the Macau Peninsula, which had just a 1.2% increase in revenue and a 5.4% drop in EBITDA.  

In Singapore, results continue to be mixed with EBITDA up on a stronger than normal win percentage but a 29% drop in VIP play and a 3% drop in mass-market play. Singapore is still a highly profitable resort but it hasn't been a growth driver in the way Macau has been.

Las Vegas Sands continues to be a leader in Macau and a beneficiary of continued increased traffic on Cotai, where it has a dominant presence. That will continue to be the case as Macau grows and the company's revenue will outpace Macau as a whole.


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  • Report this Comment On April 24, 2014, at 6:09 PM, spokanimal wrote:

    The adjusted, headline number was 97 cents, Travis, not 95 cents.

    More importantly, the normalized EPS number was 87 cents, which was flat vs the Q4 normalized EPS of 87 cents.

    If there was one, single factor that was responsible for the 10 cent gap between the headline, and the normalized number, it was the rather breathtaking decline in VIP gaming volumes in Singapore...

    ... wouldn't you know it, that when MBS FINALLY plays lucky, nobody is placing any bets.

    Don't sugar coat it, Travis... Sands china did very nicely, but the rest of LVS made it a "miss" for the quarter.


  • Report this Comment On April 24, 2014, at 6:18 PM, spokanimal wrote:

    Clarification: Your 95 cent EPS was the correct GAAP figure. My 97 cents was the adjusted EPS.

    I typically weight the adjusted number higher but, of course, the premier number is the normalized one.


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Travis Hoium

Travis Hoium has been writing for since July 2010 and covers the solar industry, renewable energy, and gaming stocks among other things.

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9/2/2015 4:00 PM
LVS $45.89 Up +0.56 +1.24%
Las Vegas Sands Co… CAPS Rating: ****