{"id":269525,"date":"2023-04-19T18:02:58","date_gmt":"2023-04-19T23:02:58","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=269525"},"modified":"2023-04-20T15:11:20","modified_gmt":"2023-04-20T20:11:20","slug":"las-vegas-sands-delivers-impressive-q1-results","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-sands-delivers-impressive-q1-results\/","title":{"rendered":"Las Vegas Sands Trounces Q1 Estimates on Macau Recovery"},"content":{"rendered":"

Shares of Las Vegas Sands (NYSE: LVS) surged in Wednesday\u2019s after-hours session. That’s after the casino operator posted first-quarter results that topped Wall Street forecasts due in part to the ongoing recovery in Macau.<\/p>\n

\"Las
The Venetian Macau, seen above. Operator Las Vegas Sands posted strong first-quarter results. (Image: Bobby Yip\/Reuters<\/em>)<\/figcaption><\/figure>\n

The Venetian Macau operator posted earnings per share (EPS) from continuing operations of 28 cents on revenue of $2.12 billion in the first three months of 2023. Analysts expected per share earnings of 20 cents on sales of $1.85 billion. In Macau, where its Sands China unit runs five integrated resorts, mass gaming revenue topped $1 billion for the first time since before the coronavirus pandemic.<\/p>\n

In Macau, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments accelerate during the quarter. We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macau’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macau,\u201d said CEO Rob Goldstein in a statement.<\/p><\/blockquote>\n

At the close of US markets today, Sands sported a year-to-date of 23.49% — good for one of the best showings among all large-cap gaming equities. Still, analysts believe the Macau rebound is in its infancy<\/a>, indicating there could be more upside ahead for the stock.<\/p>\n

Las Vegas Sands Sees Strength in Macau<\/h2>\n

With March standing as the special administrative region\u2019s (SAR) best month in gross gaming revenue (GGR)<\/a> since January 2020, it\u2019s not surprising Macau was a highlight in Sands\u2019 first-quarter update.<\/p>\n

\n

The operator\u2019s Sands China unit notched revenue of $1.27 billion in the January through March period, more than doubling that figure on a year-over-year basis. The company\u2019s net loss in Macau declined to just $10 million from $336 million a year earlier, confirming the veracity of the casino-gaming resurgence there.<\/p>\n<\/div>\n

\u201cOur decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds,\u201d added Goldstein in the statement.<\/p>\n

Las Vegas-based Sands finished the first quarter with $6.53 billion in cash on hand and access to $2.48\u00a0billion via various credit facilities. Debt stood at $15.97 billion.<\/strong><\/p>\n

Sands Hits Home Run in Singapore<\/h2>\n

Analysts and investors are likely focusing on Sands\u2019 commentary regarding Macau. But Marina Bay Sands<\/a> (MBS) in Singapore should not be lost in the shuffle.<\/p>\n

At that venue, one of just two integrated resorts in the city-state, Sands generated adjusted property earnings before interest, taxes, depreciation and amortization (EBITDA) of $394 million as mass gaming revenue hit a record high of $549 million.<\/p>\n

Rolling volume of $7.1 billion at MBS was on par with what was seen in the fourth quarter of 2019, and the first-quarter occupancy rate there was 97.6%, despite 500 rooms being out of service because of enhancements, according to a Sands investor deck.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Las Vegas Sands (NYSE: LVS) surged in Wednesday\u2019s after-hours session. That’s after the casino operator posted first-quarter results that topped Wall Street forecasts due in part to the ongoing recovery in Macau. The Venetian Macau operator posted earnings per share (EPS) from continuing operations of 28 cents on revenue of $2.12 billion in […]<\/p>\n","protected":false},"author":46,"featured_media":219443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nLas Vegas Sands Delivers Impressive Q1 Results<\/title>\n<meta name=\"description\" content=\"Macau, Singapore Help Las Vegas Sands to solid first-quarter showing.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Sands Delivers Impressive Q1 Results\" \/>\n<meta property=\"og:description\" content=\"Macau, Singapore Help Las Vegas Sands to solid first-quarter showing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-sands-delivers-impressive-q1-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-19T23:02:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-20T20:11:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/VM-1-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-delivers-impressive-q1-results\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-delivers-impressive-q1-results\/\",\"name\":\"Las Vegas Sands Delivers Impressive Q1 Results\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-delivers-impressive-q1-results\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-delivers-impressive-q1-results\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/VM-1-scaled.jpg\",\"datePublished\":\"2023-04-19T23:02:58+00:00\",\"dateModified\":\"2023-04-20T20:11:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Macau, Singapore Help Las Vegas Sands to solid first-quarter showing.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-delivers-impressive-q1-results\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-sands-delivers-impressive-q1-results\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-sands-delivers-impressive-q1-results\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/VM-1-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/VM-1-scaled.jpg\",\"width\":2560,\"height\":1706,\"caption\":\"The Venetian Macau. 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