Las Vegas Sands Corp. (LVS: Quote) said Wednesday its second-quarter profit doubled, mainly as more visitors thronged its casinos in Macau and gaming revenues continued to be buoyant. However, both earnings and revenue for the quarter came in short of Wall Street estimates.
Macau, the only place in China where gambling is legal, has been a boon for casino operators like Las Vegas Sands and Wynn Resorts Ltd. (WYNN). Las Vegas Sands has been adding rooms and games in Macau, hoping to entice more cash-rich gamers in that region.
Meanwhile, rival Wynn is pushing forward with an integrated resort in the Cotai Strip in Macau. The resort, with a budget of $3.5 billion to $4 billion, is expected to open in the first half of 2016.
Las Vegas Sands’ second quarter net income surged to $530 million or $0.64 per share from $240.6 million or $0.29 per share in the prior year.
Results for the prior-year included a non-cash impairment loss of $100.7 million related to its Macao operations.
Excluding items, adjusted earnings for the quarter were $540.6 million or $0.65 per share, compared with $365 million or $0.44 per share a year ago. Analysts polled by Thomson Reuters expected earnings of $0.68 per share for the quarter. Analyst estimates typically exclude one-time items.
Net revenues for the second quarter grew 25.6 percent to $3.24 billion from $2.58 billion a year ago, but missed analysts’ expectations of $3.30 billion.
At its China operations, Sands China Ltd. that encompasses five Macau properties, revenues jumped 40 percent year-over-year to $2.07 billion and profit more than tripled to $487.6 million. Sands China saw 14 million visitors during the quarter.
At its key Venetian Macao casino, revenue rose 38 percent to $894.7 million.
Sands Cotai Central chipped in with revenues of $584 million. Visitation to this property, which opened its first phase in April 2012, exceeded 3.7 million visits during the quarter.
Four Seasons Hotel Macao and Plaza Casino revenues grew 3 percent, and Sands Macau revenues were up 8.5 percent.
At Marina Bay Sands – its Singapore operations – revenues rose 6.4 percent to $740 million.
In June, Las Vegas Sands said its Board has approved a multi-year share repurchase program, with the initial authorization at $2 billion. The company repurchased $46.5 million of stock in the second quarter.
The company’s stock closed Wednesday at $54.95, down 1.36%, on a volume of 5.6 million shares. In after-hours, the stock fell 0.55%.
by RTT Staff Writer
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Las Vegas Sands Profit Doubles, But Misses Estimate
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