Las Vegas Sands Reporting Suspect Numbers

Las Vegas Sands reported weaker than expected Q1 2011 earnings last night; Macau was in line with high expectations while Las Vegas and more importantly Singapore disappointed (in part due to low hold %).

Las Vegas – LVS reported dismal results from its Las Vegas operations. 1Q11 net revenue fell 8% YoY to $305m, while property EBITDA declined 38% YoY to $65.2m vs. our $92.8m forecast. In addition to a poor 13.3% table hold (TTM avg of 18.8%), drop fell 13% YoY to $477m. Management reported Asian baccarat players continuously winning, which resulted in the hold decline, but it does not explain the fall in table drop. Slot handle fell 36% to $407m, although some help was garnered by the 8.5% hold. Macau Gaming: Too early to take profit; 1Q11 Earnings Preview

Las Vegas Sands, Gambling Stocks Research Archive 

Hotel statistics were flat to down, as occupancy fell 7.4ppts YoY to 83.9% and ADR grew a modest 2% to $212, resulting in a RevPAR decline of 6% to $178. The only real positive results came from food & beverage, retail, and a substantial improvement in promotional allowances, up 12%, up 65%, and down 64%, respectively.
  US Gaming – Weekly Recap April 29, 2011 Overall, given inconsistent and lackluster results across the strip, we remain cautious on LV and its rebound. Earnings Results