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Las Vegas Sands Falls 6% Following Top And Bottom Line Miss

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Shares of Las Vegas Sands Corp. (NYSE: LVS) were trading lower by more than 7 percent early Thursday morning after the company reported its first quarter results on Wednesday.

Las Vegas Sands said it earned $0.45 per share in the first quarter on revenue of $2.72 billion. Wall Street analysts were expecting the company to earn $0.62 per share on revenue of $2.88 billion.

Net income for the quarter fell 37.5 percent to $320.2 million as revenue dropped in most regions, led by a 7.9 percent decline in Sands China revenue to $1.63 billion.

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "The operating environment in Macao remained challenging during the quarter; but we do see signs of stabilization, particularly in the mass market. Our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows enabled us to once again deliver in excess of one billion U.S. dollars of hold-normalized adjusted property EBITDA during the quarter. We remain intensely focused on the consistent execution of our proven global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model.

"Our convention-based Integrated Resort business model continues to appeal to the broadest set of customers, generate the most diversified set of cash flows and deliver the industry's highest revenue and profit from non-gaming segments, while bringing unsurpassed economic and diversification benefits to the regions in which we operate. We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future.

"The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy."

Posted-In: casino stocks casinos Las Vegas Sands Macau Gaming Sheldon AdelsonEarnings News Movers

 

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