Las Vegas Sands beats analysts’ expectations in Q3
Las Vegas Sands reported better than expected third quarter earnings last week, as the luxury recovery persists into the last few months of 2017. The company reported earnings per share of 77¢, a full 14.9% higher than analysts’ expectations of 67¢ per share. This is also an 8.5% increase over earnings in the same period last year. Net revenue for the quarter likewise beat the analysts (by 3%) and its year-ago performance (by 7.7%), coming in at $3.2 billion.
Las Vegas Sands share price has risen by 17% so far this year
SOURCE: Yahoo Finance
Macau continued to show improvements in the third quarter of the year, and Sands said that it outperformed market growth there. This, along with higher hotel occupancy and retail mall revenues over the three months, saw the company report its best overall Macau performance since 2014.
On an earnings call, Sands executive Sheldon G. Adelson, said: “Our cash flow generation continues to be strong and predictable. The structural advantage from our scale, critical mass and product diversity remains evident in our strong financial results. The resurgence of growth in the Macao market has continued during the quarter. And we have grown faster than the market in both VIP and mass volume.”
“We will continue to make significant investments in Macao because we have a long-term and unwavering commitment to Macao. The substantial capital that we will deploy to redevelop Sands Cotai Central into The Londoner Macao will add a third iconic must-see destination to our Cotai Strip development.”
Dominion holds Las Vegas Sands in its Global Trends Luxury Fund.
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