Summary:
Las Vegas Sands Corp.’s fourth quarter 2013 earnings and revenues
missed the Zacks Consensus Estimate by 15.2% and 1.6%, respectively
due to weak results at Marina Bay Sands, Singapore and higher
expenses. However, the top and bottom lines were up 18.8% and 33.3%
year over year driven by strong Macao revenues. Mass gaming and
non-gaming revenues proved to be major contributors the top line.
Going forward, we believe that the company’s high gaming potential
in prime locations of Las Vegas, Macao and Singapore will help the
company to continue to gain major market share. Moreover, the
company’s upcoming projects in Cotai Strip are expected to spur
growth. We remain encouraged by the company’s strong brand
portfolio and its ability to navigate through a difficult operating
environment. Therefore, we maintain our Outperform recommendation
on the stock.
Overview:
Based in Las Vegas, Nevada, Las Vegas Sands Corp. (LVS) is the
leading international developer of multi-use integrated resorts
primarily in the United States and Asia.
U.S. Business: In the U.S., the company owns three resorts and
casinos. These properties are:
Las Vegas Operations: The company has two properties in Las
Vegas
1. The Venetian Casino, Las Vegas
2. The Palazzo, Las Vegas
Sands Bethlehem, Pennsylvania: The hotel was opened on May 27,
2011, while the casino of this resort was opened on May 22,
2009.
Asia Business: In Asia, the company owns and operates several
properties in Macau, China and one in Singapore. These properties
are as follows:
Macao Operations: Las Vegas Sands’ integrated resort properties
and other assets in Macao are owned and operated by Sands China
Ltd., which is a majority-owned subsidiary of the company. The
company’s Macao business comprises the following resorts:
Sands Macao
The Venetian Macao
Four Seasons Macao
Sands Cotai Central: Las Vegas Sands is developing a
master-planned resort-casino project Sands Cotai Central in the
Cotai Strip, Macao. On completion, the Cotai Strip will feature
approximately 6,000 rooms of world-renowned hotel brands such as
St. Regis, Sheraton, Shangri-La, Traders, Hilton and
InterContinental.
In Jan 2013, the company successfully unveiled phase IIB of its
Integrated Resort offering Sands Cotai Central at the centre of the
Cotai Strip after opening IIA and I phase of the resort in Sep and
Apr 2012.
Marina Bay Sands, Singapore: The resort on this property was
opened on Jun 2010.
Las Vegas Sands Corp. (LVS): Read the Full Research
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LAS VEGAS SANDS (LVS): Free Stock Analysis
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