Las Vegas Sands Stock Slides As Q3 Result Lags Consensus

  • Las Vegas Sands Corp LVS reported third-quarter FY21 sales growth of 92% year-on-year, to $857 million, missing the analyst consensus of $1.29 billion.
  • Revenues from Casino increased 89.6% Y/Y, Rooms rose 185.7%, Food & beverage grew 35.5%, and Mall improved 98.7%.
  • Revenue from Macao operations rose 260.2% Y/Y, and Marina Bay Sands declined 11.4%.
  • Operating loss was $(316) million versus $(523) million last year.
  • Consolidated adjusted property EBITDA was $47 million, versus $(163) million last year. Adjusted property EBITDA was 5.5% of the revenues.
  • Adjusted EPS of $(0.45) missed the analyst consensus of $(0.21).
  • "While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive EBITDA in each of our markets," said CEO Robert G. Goldstein.
  • It held unrestricted cash balances of $1.64 billion as of September 30, 2021.
  • Price Action: LVS shares are trading lower by 2.33% at $38.6 in premarket on the last check Thursday.
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