On a GAAP basis, Sands reported quarterly diluted EPS of $0.69.
Competitor Wynn Resorts Ltd. (NASDAQ: WYNN) posted quarterly EPS of $2.03 on revenues of $1.38 billion last week. Both Sands and Wynn got a real shot in the arm from their Macau properties. Casino revenues from Sands’ Venetian Macao rose 15.5% in the quarter. Sands revenues from its Asian casinos and resorts totaled $2.02 billion in the quarter.
The company’s CEO said:
In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We welcomed a record fourteen million visits to our Cotai Strip properties during the quarter, and delivered a record $630.2 million of adjusted property EBITDA from our Macao property portfolio. … The prudent management of our cash flow, including the ability to both invest in future growth and to increase the return of capital to our shareholders, remains a cornerstone of our strategy.
Once again, CEO Sheldon Adelson did not refer to the company’s Las Vegas properties in his remarks. Adjusted property EBITDA in Las Vegas fell just 2.1% year-over-year for the quarter, much better than the previous quarter’s drop of nearly 35%. Casino revenue was up less than 1% and the Las Vegas convention business picked up by about 14%. Las Vegas operations totaled $411.5 million in revenue, up 7% compared with the same quarter last year.
The Sands did not offer guidance in its earnings release, but the consensus estimate for the second quarter calls for EPS of $0.63 on revenues of $3.19 billion. For the full year the consensus estimate calls for EPS of $2.72 on revenues of $13.23 billion.
Shares are trading up about 1% at $56.85 in after-hours trading today, in a 52-week range of $34.72 to $57.11. Thomson Reuters had a consensus analyst price target of around $59.00 before today’s report.
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