Why Las Vegas Sands Shares Are Rising Today

Las Vegas Sands Corp LVS shares are trading higher Thursday after the company reported better-than-expected first-quarter results.

What Happened: Las Vegas Sands reported first-quarter revenue of $2.12 billion, which beat average analyst estimates of $1.82 billion, according to Benzinga Pro. The company reported quarterly earnings of 28 cents per share, which beat estimates of 18 cents per share.

Las Vegas Sands said a "robust recovery" in travel and tourism spending is underway in both Macao and Singapore. Macau property mass gaming revenue reached $1 billion for the first time since 2019.

"We remain energized by the opportunity to introduce our new suite product to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues," said Robert Goldstein, chairman and CEO of Las Vegas Sands.

Las Vegas Sands ended the quarter with a cash balance of $6.53 billion. Total debt outstanding, excluding finance leases and financed purchases, totaled $15.97 billion as of March 31.

See Also: Nasdaq Futures Slump As Tesla Earnings Sap Sentiment: Analyst Says Market Clearly In Waiting Mode

LVS Price Action: Las Vegas Sands has a 52-week high of $60.99 and a 52-week low of $28.88.

The stock was up 5.24% at $62.47 at time of publication, according to Benzinga Pro.

Photo: courtesy of Las Vegas Sands.

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