Las Vegas Sands (LVS) Q1 Earnings Beat Estimates, Fall Y / Y

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Las Vegas Sands Corp. LVS posted mixed results in the first quarter of 2021, in which earnings beat Zacks’ consensus estimate, but earnings missed the same. While the bottom line broke the consensus mark after missing the last three quarters, the top line lagged the estimate after beating in the previous two quarters. As a result of the results, the company’s shares fell 1.3% in the after-hour trading session on April 21.

Robert G. Goldstein, Chief Executive Officer, said, “We couldn’t be more excited to welcome more guests to our properties as more visitors will eventually be able to travel to Macau, Singapore. and Las Vegas. ”

Discussion of income and income

In the first quarter of 2020, the company posted an adjusted loss per share of 25 cents, narrower than Zacks’ consensus estimate of a loss of 27 cents. In the quarter of the previous year, the company reported an adjusted loss of 9 cents per share. During the quarter under review, interest expense (net of capitalized amounts) amounted to $ 154 million compared to $ 128 million in the prior year quarter.

Quarterly revenues of $ 1,196 million missed the consensus mark of $ 1,281 million. The figure was also down 15.6% from the figure for the quarter last year. In particular, the top line was affected by the drop in occupancy rates and RevPAR.

Asian operations

Las Vegas Sands’ Asia business includes the following resorts:

Venetian Macau

In the first quarter, net revenue decreased 7.9% year over year to $ 340 million. Revenues from casinos and shopping malls were $ 266 million and $ 46 million, up 6% and 58.6%, respectively. Food and beverage revenues increased 20% year over year to $ 6 million. Convention, retail and other, and theatrical revenues decreased 66.7% and 9.5% year over year to $ 3 million and $ 19 million, respectively .

Adjusted real estate EBITDA during the first quarter totaled $ 82 million compared to $ 49 million in the prior year quarter.

The decline in non-rolling chips increased 11.1% and rolling chip volumes fell 45.8% year over year.

In the quarter, segment hotel RevPAR declined 20.4% year-over-year to $ 74 million, while occupancy rates were 47.2% , against 39.2% in the quarter of the previous year.

Las Vegas Sands Corp. Price, Consensus, and Surprise EPS Las Vegas Sands Corp. Price, Consensus, and Surprise EPS

Las Vegas Sands Corp. Price-Consensus-EPS-Surprise-Chart | Quote from Las Vegas Sands Corp.

The Londoner Macau

In the first quarter, net revenue fell 19.4% year over year to $ 137 million due to declines of 26%, 29.6% and 12.5% revenues from casinos, rooms, and food and beverage, respectively. However, malls as well as convention, retail and other revenues increased 55.6% and 100% year over year, respectively.

Adjusted EBITDA for properties was $ (23) million.

The decline in non-rolling chips fell 26.6%, while the volume of rolling chips climbed 213.2% year-over-year.

In the quarter, segment hotel RevPAR declined 9% year-over-year to $ 61 million, while occupancy rates were 35.5%, from 38.1% in the quarter of the previous fiscal year.

Parisian Macau

In the first quarter, revenue was $ 87 million, down 38.3% year over year. The drop was due to a 48.7% drop in casino revenues. It was further compounded by declines of 7.7%, 66.7% and 50% in revenues for rooms, malls, conventions and other retail businesses, respectively.

Adjusted EBITDA for properties was $ (8) million compared to $ (3) million in the prior year quarter.

The volumes of non-rolling chips and rolling chips fell 23.1% and 94% year-over-year, respectively.

In the quarter, segment hotel RevPAR declined 19.1% year-over-year to $ 55 million. Occupancy rates stood at 46.7% compared to 40.3% in the previous year quarter.

The Plaza Macao and Four Seasons Hotel Macao

In the first quarter, net revenue increased 58.9% to $ 170 million due to an increase of 175%, 33.3% and 139.4% in revenues from casinos, food and casinos. drinks and malls, respectively.

Adjusted EBITDA for properties during the reported quarter totaled $ 70 million, up 150% year over year.

The decline in non-rolling chips increased 21.9%, while the volume of rolling chips decreased 11.7% year-on-year.

In the quarter, segment hotel RevPAR increased 18.9% year-over-year to $ 189 million, while occupancy rates were 43.7% , against 48.4% in the quarter of the previous year.

Sands Macau

In the first quarter, revenue decreased 49.3% year over year to $ 35 million due to declines of 51.6%, 50% and 100% in revenue from casinos, food and beverage as well as convention, retail and other, respectively.

Adjusted real estate EBITDA for the quarter presented totaled $ (18) million, compared to $ (1) million in the prior year quarter.

The drop in non-rolling chips and the volume of rolling chips fell 51.2% and 4.5% year-on-year, respectively.

In the quarter under review, segment hotel RevPAR declined 7.5% year-over-year to $ 99 million, while occupancy rates stood at 71, 5%, compared to 59.8% in the quarter of the previous year.

Marina Bay Sands, Singapore

In the first quarter, net revenue fell 30.4% year-over-year to $ 426 million due to declines of 31%, 56.8%, 19.5% and 31.3 % of revenues from casinos, rooms, food and beverage, convention, retail and other, respectively.

Adjusted EBITDA for properties during the reported quarter totaled $ 144 million, reflecting a 68.5% year-over-year decrease.

The volumes of non-rolling chip and rolling chips fell 54.8% and 48.9% year-over-year, respectively.

In the quarter, segment hotel RevPAR fell 57.7% year-over-year to $ 143 million, while occupancy rates were 63%, from 81% in the quarter of the previous year.

National operations

Las Vegas

In the first quarter, net revenue from Las Vegas operations fell 61.9% year over year to $ 139 million due to 48% and 68% declines in revenue casinos as well as food and beverage products, respectively. Room revenues also fell 64.6% year over year. In addition, revenues from conventions, retail and other industries fell 72.1% year over year.

Adjusted EBITDA for properties for the reported quarter totaled $ (47) million, down 153.4% ​​year over year.

The decline in table games was down 24.9%, while the handful of slots increased 3.6% year over year.

In the current quarter, RevPAR fell 65.9% year over year to $ 79 million, while occupancy rates were 42.6%, from 87.2% in the quarter of the previous year.

Operating results

On a consolidated basis, Adjusted EBITDA for properties totaled $ 244 million in the first quarter, compared to $ 349 million in the prior year quarter.

Balance sheet

As at March 31, 2021, unrestricted cash balances were $ 2.07 billion. The total outstanding debt (excluding finance leases) was $ 14.42 billion.

In the current quarter, capital expenditures totaled $ 291 million, driven by construction, development and maintenance activities of $ 268 million in Macau and $ 23 million at Marina Bay Sands.

Zacks rank and key selections

Las Vegas Sands, which shares space with MGM Resorts International MGM, currently wears a Zacks # 3 (Hold) rank.

Some top-ranked stocks in Zacks’ consumer discretionary sector include NeoGames SA NGMS and Playtika Holding Corp. PLTK. Both stocks carry a Zacks # 2 (buy) rank. You can see The full list of current Zacks # 1 Rank (Strong Buy) stocks here.

The 2021 profits of NeoGames and Playtika Holding are expected to increase by 18% and 275% respectively.

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Las Vegas Sands Corp. (LVS): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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