Las Vegas Sands Reports Third Quarter 2017 Results

- At Marina Bay Sands in Singapore, Adjusted Property EBITDA Increased 13.0% to $442 Million, While Hold-Normalized Adjusted Property EBITDA Increased 11.4% to $410 Million

- At Our Las Vegas Operating Properties, Adjusted Property EBITDA Decreased 11.6% to $76 Million, While Hold-Normalized Adjusted Property EBITDA Increased 2.3% to $90 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

- The Company's Board of Directors Announced an $0.08 Increase in the Company's Recurring Common Stock Dividend for the 2018 Calendar Year, its Sixth Consecutive Annual Increase, Raising the Annual Dividend to $3.00 ($0.75 per Share per 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 September 30, 2017.

Third Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "We are pleased to have delivered strong financial results again this quarter, led by growth in both Macao and Singapore. Our convention-based Integrated Resort business model remains the key driver of our financial results, with consolidated adjusted property EBITDA reaching $1.21 billion, while hold-normalized adjusted property EBITDA increased 10.4%. We also continued to return excess capital to shareholders through dividends and share repurchases during the quarter.

"In Macao, the market continues to recover, while Sands China's Mass and VIP gaming volumes both outpaced the growth in the Macao market overall. That strong gaming performance, coupled with higher hotel occupancy and retail mall revenues, helped drive an adjusted property EBITDA performance of $652 million, our best quarterly result since the first quarter of 2014.

"Strong visitation at The Parisian Macao continued to contribute to impressive growth in all segments, with the property delivering adjusted property EBITDA of $135 million for the quarter, up 27.4% compared to the second quarter of 2017. Now clearly established as a 'must-see' destination for visitors to the Cotai Strip, The Parisian delivered sequential growth in visitation, hotel occupancy, ADR and gaming volumes, while mass win per day of $2.58 million was the highest result since the property's opening last year. We expect The Parisian to deliver continued growth in the years ahead as we further align the property's suite of offerings to appeal to every segment of the evolving Macao market.

"While we have invested over $13 billion in Macao since 2002, consistently contributing to Macao's diversification and appeal as a business and leisure tourism destination, we see tremendous future opportunity in the Macao market as it continues to grow and evolve. We are therefore extremely excited to announce that we will invest over $1.1 billion in new capital projects over the next three years in Macao, at Sands Cotai Central and the Four Seasons Hotel Macao. The bulk of that investment will accomplish the expansion, renovation and rebranding of Sands Cotai Central into a new destination integrated resort, The Londoner Macao.  The Londoner Macao will feature dynamic new attractions and features from London including some of London's most recognizable landmarks, an expanded and reimagined retail mall and 350 luxurious new suites, the St Regis Tower Suites. We will also be expanding the Four Seasons Hotel Macao by opening an additional 295 new suites in a separate tower, The Four Seasons Hotel Tower Suites.

"As we continue to make market-leading investments in our Integrated Resort offerings in Macao, we will also continue to lead in the marketing of Macao throughout China and the region as Asia's leading business and leisure tourism destination. We remain confident that our Cotai Strip property portfolio will continue to deliver important benefits to Macao in the form of economic diversification, greater numbers of business and leisure travelers, and a superior platform for growth in the years ahead.

"Marina Bay Sands again delivered outstanding financial results during the quarter with adjusted property EBITDA expanding 13% to reach $442 million. Marina Bay Sands' innovative programming, mass gaming play and non-gaming revenues underpin the continued success of this industry-leading property, while stronger VIP volumes and continued cost discipline also contributed to the strong performance. EBITDA margin increased 440 basis points in the quarter, reaching 55.7%. 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 that are gained through our unique convention-based Integrated Resort business model.

"The strength of our business model enables us to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities. The company's recurring quarterly dividend remains the cornerstone of our program to return excess capital to shareholders. Accordingly, I am extremely pleased to announce that the company's Board of Directors has increased the company's recurring common stock dividend for the 2018 calendar year to $3.00 per share, or $0.75 per quarter. After establishing our recurring quarterly dividend in 2012, this increase represents our sixth consecutive annual increase in our recurring quarterly dividend."

The company paid a recurring quarterly dividend of $0.73 per common share during the quarter. The company announced that its next quarterly dividend of $0.73 per common share will be paid on December 29, 2017, to Las Vegas Sands shareholders of record on December 21, 2017. In addition, the company repurchased $75 million of common stock (1.2 million shares at a weighted average price of $63.90) during the quarter ended September 30, 2017.

Company-Wide Operating Results

Net revenue for the third quarter of 2017 increased 7.7% to $3.20 billion, compared to $2.97 billion in the third quarter of 2016. Net income increased 13.0% to $685 million in the third quarter of 2017, compared to $606 million in the year-ago quarter.

On a GAAP (accounting principles generally accepted in the United States of America) basis, operating income in the third quarter of 2017 increased 18.9% to $856 million, compared to $720 million in the third quarter of 2016. The increase in operating income was primarily due to a full quarter of operations for The Parisian Macao, stronger results at Marina Bay Sands in Singapore and the impact of a change in our depreciation lives discussed further below. Consolidated adjusted property EBITDA (a non-GAAP measure) of $1.21 billion increased 6.0% in the third quarter of 2017, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA was $1.18 billion in the third quarter of 2017, an increase of 10.4% from the prior-year quarter.

On a GAAP basis, net income attributable to Las Vegas Sands in the third quarter of 2017 increased 11.1% to $570 million, compared to $513 million in the third quarter of 2016, while diluted earnings per share in the third quarter of 2017 of $0.72 represented an increase of 10.8% 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 other expense and net income attributable to noncontrolling interests.

Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) increased 8.0% to $607 million, or $0.77 per diluted share, compared to $562 million, or $0.71 per diluted share, in the third quarter of 2016.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. (SCL) increased 12.2% to $1.93 billion in the third quarter of 2017, compared to $1.72 billion in the third quarter of 2016. Net income for SCL increased 24.4% to $403 million in the third quarter of 2017, compared to $324 million in the third quarter of 2016.

The Venetian Macao Third Quarter Operating Results

The Venetian Macao generated revenue of $718 million and adjusted property EBITDA of $263 million in the third quarter, with an adjusted property EBITDA margin of 36.6%. In the third quarter of 2017, there were approximately 8% fewer rooms available compared to the same quarter of the prior year. Non-Rolling Chip drop increased 10.4% for the quarter, reaching $1.89 billion. Non-Rolling Chip win percentage was 22.8%, compared to 25.6% in the third quarter of 2016. Rolling Chip volume was $6.90 billion, with a Rolling Chip win percentage of 3.28%, within the expected range and below the 3.75% experienced in the prior-year quarter. Slot handle was $718 million for the quarter.

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

	Three Months Ended
The Venetian Macao Operations	September 30,
(Dollars in millions)	2017				2016				$ Change				Change
Revenues:
Casino	$	617			$	670			$	(53)			(7.9)	%
Rooms	45				47				(2)				(4.3)	%
Food and Beverage	22				22				—				—	%
Mall	55				52				3				5.8	%
Convention, Retail and Other	17				23				(6)				(26.1)	%
Less - Promotional Allowances	(38)				(41)				3				(7.3)	%
Net Revenues	$	718			$	773			$	(55)			(7.1)	%
Adjusted Property EBITDA	$	263			$	315			$	(52)			(16.5)	% 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 24.04.24 - PR Newswire Fidelity Japan Trust Plc - Transaction in Own Shares 24.04.24 - PR Newswire Oxford Instruments Plc - Holding(s) in Company Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59