Las Vegas Sands Reports Second Quarter 2017 Results

- At Marina Bay Sands in Singapore, Adjusted Property EBITDA Increased 37.8% to $492 Million

- At Our Las Vegas Operating Properties, Adjusted Property EBITDA Increased 9.7% to $79 Million

- The Company Paid Quarterly Dividends of $0.73 per Share During the Quarter

- The Company Repurchased $75 Million of Common Stock During the Quarter

Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended June 30, 2017.

Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "We are pleased to have delivered a strong set of financial results during the quarter, led by another quarter of growth in Macao and a record-setting performance in Singapore. The benefits of our convention-based Integrated Resort business model remain evident in our financial results, with adjusted property EBITDA increasing 26.5% compared to the second quarter of 2016, reaching $1.21 billion. We also continued to return excess capital to shareholders during the quarter.

"In Macao, the recovery in the market overall continued during the quarter, with market-wide gross gaming revenues increasing 21.9% in the second quarter of 2017. Our market-leading critical mass of hotel, retail and entertainment offerings on the Cotai Strip allowed us to grow our premium mass revenues by nearly 40%, an outstanding performance in this important segment, while our mass gaming revenues overall grew by 22.5%. Strong mass revenue growth, coupled with higher hotel occupancy and growth in the VIP segment all contributed to a 23% increase in our adjusted property EBITDA in Macao, which reached $600 million in the quarter.

"The Parisian Macao continued to exhibit growth, enjoying strong visitation and delivering adjusted property EBITDA of $106 million for the quarter. The Parisian has firmly established itself as a 'must-see' destination for visitors to the Cotai Strip, delivering sequential growth in hotel occupancy, ADR and gaming volumes, while mass win per day of $2.44 million was the highest result since the property's opening last year. We expect The Parisian to continue to deliver growth in the quarters and years ahead as the Macao market grows and as we continue to refine the property's service offerings to appeal to the fastest growing and most profitable segments in the Macao market.

"We have invested over $13 billion in Macao since 2002, while consistently contributing to Macao's diversification and appeal as a business and leisure tourism destination. We continue to lead the market not only in Integrated Resort development, but in the long-term and vital investment in the marketing of Macao as Asia's leading business and leisure tourism destination. We remain confident that our market-leading Cotai Strip portfolio of properties will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide both Macao and our Company with a superior platform for future growth.

"Marina Bay Sands delivered a record quarter with adjusted property EBITDA increasing 37.8% to reach a record $492 million. Marina Bay Sands' innovative programming, consistent mass gaming play, strength in non-gaming revenues and higher hold in VIP play compared to the same quarter last year all contributed to the outstanding performance. We are pleased to have established Marina Bay Sands as a reference site for other cities and countries that are considering harnessing the economic power and direct contributions to tourism, employment and GDP growth of our unique convention-based Integrated Resort business model.

The company's recurring quarterly dividend remains the cornerstone of our program to return excess capital to shareholders, and the company paid a recurring quarterly dividend of $0.73 per common share during the quarter. The company announced that its next recurring quarterly dividend of $0.73 per common share will be paid on September 29, 2017, to Las Vegas Sands shareholders of record on September 21, 2017. In addition, the company repurchased $75 million of common stock (1.2 million shares at a weighted average price of $61.97) during the quarter ended June 30, 2017.

"Looking ahead we remain focused on the execution of our proven global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. We remain confident in our ability to bring the economic benefits of our proven business model to promising new markets around the world."

Company-Wide Operating Results

Net revenue for the second quarter of 2017 increased 18.6% to $3.14 billion, compared to $2.65 billion in the second quarter of 2016. Net income increased 61.9% to $638 million in the second quarter of 2017, compared to $394 million in the year-ago quarter.

On a GAAP (accounting principles generally accepted in the United States of America) basis, operating income in the second quarter of 2017 increased 57.5% to $816 million, compared to $518 million in the second quarter of 2016. The increase in operating income was a result of stronger results across the company's Macao, Singapore and Las Vegas property portfolio, partially offset by higher depreciation and amortization expenses during the quarter due primarily to the opening of The Parisian Macao in September 2016. Consolidated adjusted property EBITDA (a non-GAAP measure) of $1.21 billion increased 26.5% in the second quarter of 2017, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA was $1.11 billion in the second quarter of 2017, an increase of 14.6% from the prior-year quarter.

On a GAAP basis, net income attributable to Las Vegas Sands in the second quarter of 2017 increased 66.2% to $545 million, compared to $328 million in the second quarter of 2016, while diluted earnings per share in the second quarter of 2017 of $0.69 represented an increase of 68.3% compared to the prior-year quarter. The increase in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by increases in net income attributable to noncontrolling interests, income tax expense and other expense.

Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) increased 36.8% to $576 million, or $0.73 per diluted share, compared to $421 million, or $0.53 per diluted share, in the second quarter of 2016.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. (SCL) increased 23.0% to $1.82 billion in the second quarter of 2017, compared to $1.48 billion in the second quarter of 2016. Net income for SCL increased 37.6% to $326 million in the second quarter of 2017, compared to $237 million in the second quarter of 2016.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao generated revenue of $687 million and adjusted property EBITDA of $256 million in the second quarter, with an adjusted property EBITDA margin of 37.3%, reflecting 4.9% growth in adjusted property EBITDA and a 70 basis point increase in EBITDA margin compared to the second quarter of 2016. In the second quarter of 2017, there were approximately 19% fewer rooms available compared to the same quarter of the prior year. Non-Rolling Chip drop was $1.70 billion for the quarter, with a Non-Rolling Chip win percentage of 25.7%. Rolling Chip volume was $5.17 billion, with a Rolling Chip win percentage of 3.61%, above the expected range and the 2.73% experienced in the prior-year quarter. Slot handle was $681 million for the quarter.

The following table summarizes the key operating results for The Venetian Macao for the second quarter of 2017 compared to the second quarter of 2016:

	Three Months Ended
The Venetian Macao Operations	June 30,
(Dollars in millions)	2017				2016				$ Change				Change
Revenues:
Casino	$	586			$	568			$	18			3.2	%
Rooms	41				45				(4)				(8.9)	%
Food and Beverage	20				21				(1)				(4.8)	%
Mall	54				51				3				5.9	%
Convention, Retail and Other	21				18				3				16.7	%
Less - Promotional Allowances	(35)				(37)				2				(5.4)	%
Net Revenues	$	687			$	666			$	21			3.2	%
Adjusted Property EBITDA	$	256			$	244			$	12			4.9	%
EBITDA Margin %	37.3 Werbung Mehr Nachrichten zur Las Vegas Sands Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:50 - PR Newswire Datang Intnl Pwr Gen - CHANGE OF JOINT COMPANY SECRETARY ANNOUNCEMENT 08:29 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Wincanton Plc 08:00 - PR Newswire Moonpig Group Plc - Directorate Change Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59