Las Vegas Sands Q1 Earnings & Revenues Fall Short of Estimates

Las Vegas Sands Corp. LVS reported first-quarter 2025 results, with earnings and revenues missing the Zacks Consensus Estimate. The metrics declined on a year-over-year basis, owing to a challenging macro environment.For the first quarter, the company reported solid financial and operational performance at Marina Bay Sands, Singapore. The launch of new suite offerings and enhanced service levels has positioned the property to benefit from rising travel and tourism spending across Asia.In Macao, the company acknowledged the current slowdown in market growth. It highlighted its investment efforts in the region aimed at boosting its appeal as a global hub for business and leisure tourism. The company is optimistic and anticipates the initiatives to drive future gains.LVS’ Q1 Earnings & RevenuesLas Vegas Sands reported adjusted earnings per share (EPS) of 59 cents, missing the Zacks Consensus Estimate of 60 cents by 1.7%. In the year-ago quarter, it had reported an EPS of 73 cents. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)Las Vegas Sands Corp. Price, Consensus and EPS Surprise Las Vegas Sands Corp. price-consensus-eps-surprise-chart | Las Vegas Sands Corp. QuoteInterest expense (net of amounts capitalized) totaled $174 million compared with $182 million reported in the year-ago quarter.Quarterly net revenues of $2.86 billion missed the consensus mark of $2.88 billion. The top line fell 3.3% year over year.Asian OperationsLas Vegas Sands’ Asia business includes the following resorts (all figures are compared with the year-ago quarter’s reported levels):The Venetian MacaoNet revenues from The Venetian Macao were $638 million, down from $771 million in the year-ago quarter. The downside was due to a decrease in casino revenues. Our model expected the quarterly revenues for this metric to be $640.4 million.Quarterly revenues from the casino, rooms and mall were $495 million, $53 million and $60 million, respectively, compared with the year-ago quarter’s reported figures of $638 million, $52 million and $54 million. Convention, retail and other revenues were $15 million, up from $10 million reported a year ago. Food and beverage revenues were $15 million compared with $17 million reported in the prior year quarter.Adjusted property EBITDA totaled $225 million, down from $314 million reported in the first quarter of 2024. Our estimate for the metric was $292.4 million.Non-rolling chip drop and rolling chip volumes were $2.26 billion and $0.9 billion, respectively, compared with the year-ago quarter’s reported figures of $2.41 billion and $1.03 billion.The segment’s hotel revenue per available room (RevPAR) was $204 million compared with $198 million reported in the year-ago period. Occupancy rates were 99.8%, up from the prior year’s reported value of 97.7%.The Londoner MacaoNet revenues from The Londoner Macao amounted to $529 million, down from $562 million reported in the prior-year period. Decreased casino, rooms and food and beverage revenues caused the downside. We estimated the metric to be $616.4 million.Revenues from casino, rooms and food and beverage totaled $402 million, $73 million and $24 million, respectively, compared with the year-ago quarter’s reported figure of $419 million, $89 million and $27 million. Mall revenues increased to $21 million from $16 million in the year-ago quarter. Quarterly revenues from convention, retail and other totaled $9 million, down from $11 million reported in the prior-year quarter.Adjusted property EBITDA totaled $153 million, down from $172 million reported in the year-ago quarter. Our estimate for the metric was pegged at $144.4 million.Non-rolling chip drop and rolling chip volume were $1.76 billion and $1.71 billion, respectively, down from the year-ago quarter’s reported figures of $1.91 billion and $1.88 billion.The segment’s hotel RevPAR was $286 million compared with $182 million in the year-ago quarter. Occupancy rates were 98.1%, up from 96.5% reported in the first quarter of 2025.The Parisian MacaoNet revenues from The Parisian Macao were $227 million, down from $230 million reported a year ago. We estimated the metric to be $256.2 million.Revenues from rooms, food and beverage, and mall were $35 million, $12 million and $5 million, respectively, compared with the year-ago quarter’s reported figures of $34 million, $14 million and $7 million. Quarterly revenues from casino and convention, retail and other totaled $173 million and $2 million, flat year over year.Adjusted property EBITDA totaled $66 million, compared with $71 million reported a year ago. Our estimate for the metric was $79.9 million.Non-rolling chip drop totaled $728 million, down from $805 million reported a year ago.The segment’s hotel RevPAR increased to $154 million from the prior year’s reported figure of $148 million. Occupancy rates were 99.8% compared with the prior year’s reported value of 95.4%.The Plaza Macao and Four Seasons MacaoNet revenues from The Plaza Macao and Four Seasons Macao were $208 million, up from $142 million reported a year ago. The uptrend can be attributed to an increase in casino and rooms revenues. Our estimate for the metric was $197.1 million.Casino, rooms and mall revenues were $132 million, $29 million and $39 million, respectively, compared with the year-ago quarter’s figures of $70 million, $25 million and $38 million. Revenues from food and beverage came in at $7 million compared with $8 million reported in the prior-year quarter.Adjusted property EBITDA totaled $74 million, up from $36 million reported in the year-ago quarter. Our estimate was $88 million.Non-rolling chip drop and rolling chip volume were $686 million and $2.13 billion, respectively, compared with $593 million and $2.5 billion reported in the year-ago quarter.The segment’s hotel RevPAR increased to $488 million from $412 million reported in the first quarter of 2024. Occupancy rates were 97.2% compared with the prior year’s reported value of 85.4%.Sands MacaoNet revenues from Sands Macao came in at $75 million compared with the year-ago period’s value of $76 million. Our projection for the metric was $90.8 million.Casino revenues totaled $68 million compared with $69 million reported in the year-ago quarter.Adjusted property EBITDA totaled $10 million, down from $12 million in the prior-year period. Our estimate was $15 million.Non-rolling chip drop and rolling chip volume were $380 million and $59 million, respectively, compared with the year-ago quarter’s reported values of $399 million and $11 million.The segment’s hotel RevPAR was $172 million compared with $173 million in the year-ago quarter. Occupancy rates were 98.8%, up from 98.5% reported in the year-ago quarter.Marina Bay Sands, SingaporeNet revenues from Marina Bay Sands totaled $1.16 billion, up from $1.15 billion reported in the year-ago quarter. The increase was backed by a rise in rooms and mall revenues. Our estimate for the metric was $1.15 billion.Revenues from the casino, rooms and mall totaled $857 million, $129 million and $62 million, respectively, compared with the year-ago quarter’s reported values of $859 million, $126 million and $59 million. Quarterly revenues from convention, retail and other totaled $34 million, up from $33 million reported in the prior-year quarter. Food and beverage generated revenues of $81 million, flat year over year.Adjusted property EBITDA totaled $605 million, up from $597 million reported in the year-ago quarter. We expected this metric to be $546 million.Non-rolling chip drop and rolling chip volume were $2.3 billion and $8 billion, respectively, compared with the year-ago quarter’s reported values of $2.16 billion and $8.24 billion.The segment’s hotel RevPAR was $884 million, up from $677 million in the first quarter of 2024. Occupancy rates were 95.6%, down from 95% reported in the year-ago quarter.Operating Results of LVSOn a consolidated basis, adjusted property EBITDA totaled $1.14 billion in the first quarter, down from $1.21 billion reported in the year-ago quarter.LVS’ FinancialsAs of March 31, 2025, Las Vegas Sands had unrestricted cash balances of $3.04 billion compared with $3.65 billion in the previous quarter. Total debt outstanding (excluding finance leases and financed purchases) was $13.71 billion, sequentially up from $13.62 billion reported in the previous quarter.In the reported quarter, capital expenditures totaled $379 million, comprising construction, development and maintenance activities of $197 million in Macao and $175 million at Marina Bay Sands.LVS’ Zacks RankLas Vegas Sands currently carries a Zacks Rank #3 (Hold).Stocks to ConsiderSome better-ranked stocks from the Zacks Consumer Discretionary sector are TEGNA Inc. TGNA, Life Time Group Holdings, Inc. LTH and American Outdoor Brands, Inc. AOUT. TEGNA presently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The company delivered a trailing four-quarter earnings surprise of 6.3%, on average. The stock has gained 15.2% in the past year. The consensus estimate for TGNA 2026 sales and EPS implies growth of 11.3% and 93.8%, respectively, from the year-ago levels.Life Time Group carries a Zacks Rank #2 (Buy) at present. The company delivered a trailing four-quarter earnings surprise of 21.6%, on average. The stock has surged 111.5% in the past year.The consensus estimate for Life Time Group’s 2025 sales and EPS implies growth of 12.9% and 37.9%, respectively, from the year-ago levels.American Outdoor carries a Zacks Rank #2 at present. The company delivered a trailing four-quarter earnings surprise of 79.6%, on average. The stock has gained 40.7% in the past year.The Zacks Consensus Estimate for American Outdoor’s fiscal 2025 sales and EPS indicates growth of 3.7% and 93.8%, respectively, from the year-ago levels. Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Las Vegas Sands Corp. (LVS): Free Stock Analysis Report TEGNA Inc. (TGNA): Free Stock Analysis Report American Outdoor Brands, Inc. (AOUT): Free Stock Analysis Report Life Time Group Holdings, Inc. (LTH): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks