Casino and resort operator Las Vegas Sands LVS reported second-quarter financial results after the market close Wednesday. Here are the key highlights.
What Happened: Las Vegas Sands reported second-quarter revenue of $2.54 billion, which was up over 100% year-over-year from $1.05 billion. The total came in ahead of a Street estimate of $2.39 billion, according to data from Benzinga Pro.
The company reported earnings per share of 46 cents, which beat a Street estimate of 43 cents per share.
Adjusted property EBITDA hit $973 million in the second quarter, which was the company’s highest quarterly total since 2019.
The casino company cited a recovery in travel and tourism spending in the Macau and Singapore regions in the quarter, leading to the strong results.
Macau region revenue was $1.63 billion in the quarter, up from $374 million year-over-year.
“We were pleased to see the robust recovery in travel and tourism spending underway in both Macau and Singapore progress during the quarter. We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout the remainder of 2023 and in the years ahead,” Las Vegas Sands CEO Robert Goldstein said.
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What’s Next: Along with the quarterly financial results, Las Vegas Sands announced the resumption of its return of capital program. This includes the reinstatement of a 20-cent quarterly dividend, payable in August 2023.
The CEO said the company is “deeply enthusiastic” about the opportunities for tourism and travel in the Macau region.
“We remain energized by the opportunity to introduce our new suite product and elevated service offerings to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues,” Goldstein said.
LVS Price Action: Las Vegas Sands shares are down 3% to $58.06 in after-hours trading Wednesday.
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