LVS beat the bottom line by 3 cents, and has a small beat on the top line ($2.41B v $2.34B). Full report here.
- Net Revenue Increases 26.2% to Record $2.41 Billion
- Consolidated Adjusted Property EBITDA Increases 43.2% to Record $924.1 Million
- Consolidated Adjusted Property EBITDA Margin Increases 460 Basis Points to 38.4%
- Marina Bay Sands Adjusted Property EBITDA Increases 71.3% to $413.9 Million
- Macau Property Operations Adjusted Property EBITDA Increases 16.1% to $388.3 Million
- Adjusted Earnings per Diluted Share Increases 61.8% to $0.55
Forgetting Las Vegas (which actually showed some decent improvement), here are the properties that matter:
- In Singapore, Marina Bay Sands produced a record $413.9 million of adjusted property EBITDA during the quarter and an EBITDA margin of 52.2%. Record VIP, mass gaming and slot volumes coupled with steady growth in visitation and non-gaming revenue streams including hotel, food and beverage, retail and entertainment reflect the broad appeal of the property to Singapore's visitors from across the Asian region.
- In Macau, we experienced stronger gaming volumes in our Sands China Ltd. property portfolio, while adjusted property EBITDA reached $388.3 million and adjusted property EBITDA margin expanded to reach a market-leading 33.3%. The consistent growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming (hotel, retail and convention) components of our integrated resort business model, continue to drive margin improvement at Sands China Ltd.
The stock is down by about half a buck in after hours but of course was up 4% along with the rest of the market, so little reaction. EDIT 4:16 PM - as investors digest, the stock is now up a buck in after hours.
Technically the chart is ok, but a lot of other merchandise is in full break out mode, so until this consolidation period ends, there are other ways to make money.