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Las Vegas Sands (LVS) Q4 Earnings & Revenues Beat Estimates

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Las Vegas Sands Corp. LVS reported decent fourth-quarter 2021 results, with earnings surpassing the Zacks Consensus Estimate and increasing year over year. Revenues during the quarter beat the consensus mark but declined on a year-over-year basis.

Following the results, the company’s shares increased by more than 2% in the after-hour trading session on Jan 26. Positive investor sentiments were witnessed as the company generated positive EBITDA in each of its casino markets, despite the ongoing pandemic headwinds. The company stated that pandemic-related travel restrictions in Macao and Singapore limit visitation and hinder current financial performance.

Robert G. Goldstein, chairman and CEO, stated, "We remain confident in the eventual recovery in travel and tourism spending across our markets and enthusiastic about the opportunity to welcome more guests back to our properties in 2022 and the years ahead.”

Earnings & Revenue Discussion

During fourth-quarter 2021, the company reported an adjusted loss per share of 22 cents, narrower than the Zacks Consensus Estimate of a loss of 23 cents. In the prior-year quarter, the company had reported an adjusted loss of 27 cents per share. During the quarter under review, interest expenses (net of amounts capitalized) amounted to $152 million compared with $147 million in the prior-year quarter.

Las Vegas Sands Corp. Price, Consensus and EPS Surprise

Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Las Vegas Sands Corp. Price, Consensus and EPS Surprise

Las Vegas Sands Corp. price-consensus-eps-surprise-chart | Las Vegas Sands Corp. Quote

Quarterly revenues of $1,008 million beat the consensus mark of $1,006 million. However, the figure declined 0.7% from $1,015 million reported in the prior-year quarter.

Asian Operations

Las Vegas Sands’ Asia business includes the following resorts:

The Venetian Macao

During the fourth quarter, net revenues from Venetian Macao were $272 million compared with $327 million reported in the prior-year quarter. The downside was primarily caused by a decline in casino, rooms, food and beverage as well as convention, retail and other revenues.

During the quarter, revenues from casino, rooms, food and beverage were $195 million, $16 million, and $5 million compared with $243 million, $21 million, and $6 million, respectively, in the prior-year quarter. Convention, Retail and Other revenues were $5 million compared with $6 million reported in the year-ago quarter.

Adjusted property EBITDA during the fourth quarter totaled $67 million compared with $73 million reported in the prior-year quarter.

Non-rolling chip drop and rolling chip volumes were $695 million and $890 million, respectively, compared with $975 million and $1,209 million reported in the prior-year quarter.

During the quarter under review, the segment’s hotel RevPAR was $69 million compared with $82 million in the prior-year quarter. Occupancy rates came in at 44.2% compared with 49.3% in the prior-year quarter.