Sunday, January 30, 2011

Las Vegas Sands Corp. (NYSE: LVS): Q4 Earnings Preview 2010

Las Vegas Sands Corp. (NYSE: LVS) is scheduled to release its fourth-quarter earnings after the closing bell on Thursday, February 3, 2011. Analysts, on average, expect the company to report earnings of 39 cents per share on revenue of $2.07 billion. In the year ago period, the company reported earnings of 3 cents per share on revenue of $1.28 billion.

Las Vegas Sands Corp., together with its subsidiaries, develops multi-use integrated resorts worldwide.  The Company is also creating a master-planned development of integrated resort properties, anchored by The Venetian Macao. 

In the preceding third quarter, the Las Vegas, Nevada-based company's net income was $168 million, or 21 cents a share, compared to a loss of $123 million, or 19 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 34 cents a share in the latest quarter. Revenue surged 67% to $1.91 billion from $1.14 billion in the same quarter last year.  Analysts, on average, expected the company to report earnings of 23 cents per share on revenue of $1.79 billion.

At its last earnings call in October,  founder and Chief Executive Officer Sheldon Adelson said that companywide Ebitda will be “substantially in excess” of the $3 billion. Singapore Ebitda alone may be as high as $2 billion in 2012, he said.  The company may open all of the retail areas planned in Singapore by the end of 2011, Chief Operating Officer Mike Leven said on the call.

The company has benefited from continuing growth in Asia and signs of life in Las Vegas. The company generates over 75% of its earnings from holdings outside of the United States with operations in Macau and Singapore garnering most of the attention. With Macau revenues still surging, gaming companies with presence in the region continue to receive the thumbs up from the investor community. Meanwhile, more positive data in the US, including improved optimism in the gambling hotbed of Nevada, has sent stocks for casino companies with larger America presences up. Macau's gambling revenue in December surged 66% from a year earlier, capping a year in which the territory's revenue from casino gambling soared 58%, well above forecasts made by analysts and officials earlier in 2010. Gambling revenue in December totaled MOP18.88 billion (US$2.36 billion), up sharply from MOP11.35 billion a year earlier, according to data from Macau's Gaming Inspection and Coordination Bureau.

Recently, Sands China Ltd., a majority-owned subsidiary of resorts & casinos operator Las Vegas Sands Corp., said that it received a letter from the Macau Land, Public Works and Transport Bureau which its Macau counsel advises should clear the way for the company to start preparing for the sale of shares in co-op fashion to prospective buyers interested in having a Four Seasons-branded apartment at the Cotai Strip in Macau.

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