Las Vegas Sands Spikes Lower Following Earnings (LVS)

Shares of Las Vegas Sands Corp. LVS are rolling over in the after-market trade following disappointing earnings results. Currently, shares are off by 11.60%, trading at $40.55. They closed the regular session lower by 3.45%, at $45.87. Las Vegas Sands Corp. reported Q1 EPS of $0.37 on revenues of $2.11 billion. Revenues rose 58.2% year over year. This compares to the Street estimate of $0.44 per share on revenues of $2.14 billion. Consolidated adjusted property EBITDA in the first quarter of 2011 increased 101.0% to $745.7 million (on hold adjusted basis $785.7 million), compared to $371.0 million in the year-ago quarter. The company stated, “We are pleased to report record financial results for the first quarter of 2011. We set quarterly records for net revenue and adjusted property EBITDA during the quarter. Strong revenue growth and margin expansion in Macau, together with the continuing ramp of growth in all areas at Marina Bay Sands in Singapore contributed to a strong financial performance overall.” Las Vegas Sands Corp., incorporated in August 2004, owns and operates The Venetian Resort Hotel Casino, The Palazzo Resort Hotel Casino and The Sands Expo and Convention Center in Las Vegas, Nevada, and the Sands Macao, The Venetian Macao Resort Hotel, the Four Seasons Hotel Macao, Cotai Strip and the Plaza Casino in the Macau Special Administrative Region of the People's Republic of China.