Las Vegas Sands Corp. (NYSE: LVS) is scheduled to release its first-quarter earnings after the closing bell on Tuesday, May 3, 2011. Analysts, on average, expect the company to report earnings of 44 cents per share on revenue of $2.14 billion. In the year ago period, the company reported earnings of 7 cents per share on revenue of $1.33 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 fourth-quarter, the Las Vegas, Nevada-based company's net income was $273.0 million, or 34 cents per share, compared to a net loss of $113.9 million, or 17 cents per share, in the year-earlier quarter. On an adjusted basis, the company earned 42 cents per share. Revenue surged 57% to $2.02 billion from $1.28 billion in the same quarter of 2009. Analysts, on average, expected the company to report earnings of 39 cents per share on revenue of $2.07 billion.
At its last earnings call in February, the company said that it continues to seek expansion opportunities in the United States, Europe and Asia, with the first phase of its next Macau casino project slated to begin opening by the end of this year. Sands has three casinos in Macau and is working on two other resorts, but that construction work has been delayed, first by the financial crisis and more recently by government restrictions on immigrant labor.
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. Gross revenues from gaming and gambling activities in Macau totalled 58.521 billion patacas (US$7.315 billion) in the first quarter of this year, representing a year on year rise of 42.9 percent, the Gaming Inspection and Coordination Bureau (GICB) said recently.
During the quarter in review, the company received a subpoena from the Securities and Exchange Commission requesting the company provide compliance documents related to the Foreign Corrupt Practices Act. Las Vegas Sands is also the subject of an investigation by the Department of Justice.
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