Las Vegas Sands (LVS) Q4 Earnings & Revenues Beat Estimates
Zacks Investment Research | Jan 29, 2020 09:09PM ET
Las Vegas Sands Corp. (NYSE:LVS) reported fourth-quarter 2019 results, wherein both earnings and revenues surpassed the respective Zacks Consensus Estimate after missing the same in the trailing two quarters. Moreover, both the metrics also improved year over year.
Adjusted earnings came in at 88 cents per share, which surpassed the Zacks Consensus Estimate of 79 cents and also improved 14.3% year over year. The company’s earnings benefited from non-recurring non-cash income tax items owing to the implementation of U.S. tax reform in 2018. Earnings also benefited from decline in interest expenses. In the reported quarter, interest expense, net of amounts capitalized, improved to $134 million compared with $138 million in the year-ago quarter.
Net revenues totaled $3,509 million, which beat the consensus mark of $3,379 million and increased 1% on a year-over-year basis. The top line was driven by rise in casino, food and beverage and mall revenues.
Asian Operations
Las Vegas Sands’ Asia business includes the following resorts:
The Venetian Macao
Net revenues declined 1.2% year over year to $908 million. Casino and rooms revenues came in at $748 and $54 million, up 0.1% and down 3.6%, respectively. Food and beverage, and convention, retail and other revenues declined 10.5% and 43.8% year over year to $17 million and $18 million, respectively. Mall revenues improved 9.2% year over year to $71 million.
Adjusted property EBITDA were up 3.7% year over year to $368 million in the quarter under review.
While non-rolling chip drop declined 3.3%, rolling chip volume declined 37.4%.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
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