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HenryTo
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 Posted: Thu Nov 06, 2008 8:30 am Post subject: Las Vegas Sands (LVS) |
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Stock now at a mere $8 in pre-market trading, after hitting a high of nearly $145 a share in early October of last year:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a3LkEU5mYSNw&refer=home
| Quote: | | Las Vegas Sands Corp. plunged in early New York trading after saying it may be in default of some loans if it can't raise capital, threatening its ability to keep operating ``as a going concern.'' |
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Las Vegas Sands (LVS) Replies |
HenryTo
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| Posted: Sat Apr 28, 2012 12:14 am Post subject: |
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Morningstar on LVS' 1Q earnings.
| Quote: | | Las Vegas Sands LVS reported strong first-quarter results, with the company’s Sands China division stabilizing market share in Macau after more than two years of market share declines. Revenue increased 30.8% to $2.76 billion, and adjusted property EBITDA increased 43% to $1.07 billion. Adjusted for unusually high win rates of 3.58% at Marina Bay Sands in Singapore and 3.73% at the Sands Macau in China (above the expected range of 2.7% to 3.0%), adjusted revenue and EBITDA were $2.61 billion (in-line with consensus) and $805 million (below consensus), respectively. Based on the first quarter results and earnings call, our fair value estimate of $74 per share remains unchanged, and we are maintaining our 2012 estimates for revenue and EBITDA of $11.4 billion and $3.9 billion, respectively. We continue to view Las Vegas Sands as undervalued, with the stock trading at a next-year P/E ratio of less than 17 times, an unduly low multiple given our expectation that earnings per share will increase by more than 30% annually the next several years. We think that continued improved results from the company’s existing casinos in Macau, along with the opening of Sands Cotai Central on the Cotai Strip in Macau, may act as catalysts in driving the stock price towards our fair value estimate. |
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rffrydr
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| Posted: Thu Feb 02, 2012 7:17 pm Post subject: |
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| Quote: | | Sands China continued its underperformance in the fourth quarter, with revenue increasing only 22.0% to $1.33 billion, compared with industrywide gaming growth of 33.4%..... |
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HenryTo
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| Posted: Thu Feb 02, 2012 2:29 pm Post subject: |
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Morningstar on LVS' 4Q earnings.
| Quote: | Las Vegas Sands Reports Strong 4Q Results, Initiation of Dividend
Las Vegas Sands LVS reported strong fourth-quarter results that were ahead of our expectations and consensus estimates. Revenue increased 26.3% to $2.54 billion (compared with consensus of $2.47 billion) and adjusted EBITDA increased 28.6% to $888.6 billion (compared with consensus of $886 million). Adjusted EBITDA margins increased 60 basis points to 34.9%, driven by a leveraging of fixed costs. On a hold-adjusted basis (adjusted for an unusually high hold rate at Marina Bay Sands of 3.3%, which was above the expected range of 2.7%-3.0%), revenue and EBITDA were $2.49 billion and $833.9 million, respectively. As we anticipated, Sands announced that it was initiating an annual dividend of $1 per share, representing an initial yield of 2.0%. Our fair value estimate of $74 per share is unchanged. We continue to view LVS as undervalued, with the stock trading at an attractive next-year free cash flow yield of 9.3% and next-year price/earnings ratio of 15.5. We view the next-year P/E ratio as unduly low, given our current projection for earnings per share to increase at a more than 30% compound annual rate in the next five years.
Marina Bay Sands in Singapore continued its strong performance in the fourth quarter, with revenue increasing 44.0% to $806.9 million and adjusted property EBITDA increasing 39.6% to $426.9 million. The increase in revenue was driven by a 32.2% increase in VIP rolling chip volume and a 21.6% increase in mass-market table drop. The strong results in Singapore were consistent with our investment thesis that the market is continuing to underestimate the growth potential for Singapore, similar to the way Macau emerged as a much larger market than analysts expected. In addition, we do not think the market has fully appreciated the significant margin expansion LVS will experience thanks to MBS, which operates in a duopoly in Singapore and has EBITDA margins that we expect to increase to more than 55% over the course of the next several years (EBITDA margins were 52.9% in the fourth quarter). We continue to view the Singapore market as underpenetrated in both the VIP and mass segments, with the company only starting to ramp up its marketing efforts to VIP customers, and with annual visitors to Singapore at less than 2.3% of the total population in Southeast Asia, compared with annual visitors to Las Vegas at more than 10% of the U.S. population.
Sands China continued its underperformance in the fourth quarter, with revenue increasing only 22.0% to $1.33 billion, compared with industrywide gaming growth of 33.4%. Adjusted property EBITDA for the company's China operations increased 29.2% to $430.1 million. We attribute Sands China's underperformance to new competition in the mass market from the new Galaxy Macau casino, which opened next to LVS' Venetian Macao property in May, and to the company's relatively weak relations in China with VIP gaming promoters; in the past, LVS has lagged competitors in cultivating strong relationships with the top gaming promoters and creating an environment favorable to VIP gaming. Sands has lost significant market share in the Macau market since 2009, but we expect it to end this slide in 2012, thanks to its planned opening of the new Sands Cotai Central casino, which will open in phases beginning in April, and initiatives implemented by management to retake share in the VIP market that are starting to bear fruit. Sand Cotai Central will, upon the completion of the full buildout of the property, have about 6,000 rooms and 300 gaming tables. The company recently added two new gaming promoters and 37 new VIP tables at the Plaza and expects to add an additional 28 VIP tables in 2012. The company's initiatives in the VIP segment started to bear fruit in January, with Sands' gaming market share increasing to about 19%, compared with about 15% in January 2011.
The company's Las Vegas operations generated revenue growth of 9.3% to $339.5 billion. The increase in revenue was driven by a 15.7% increase in cash revenue from hotel rooms and a 21.7% increase in convention, retail, royalty fee, and other revenue. Cash-paying customers represented 91% of occupied hotel rooms during the quarter, compared with only 82% in the year-earlier period. Las Vegas Sands' hotel operations continue to benefit from a recovery in demand in leisure and business travel to Las Vegas, combined with a stabilization in room supply on the Las Vegas Strip, following an approximately 15% increase in the number of hotel rooms on the Strip from 2007 to 2010, which led to depressed room rates. We expect room rates to continue their recovery into 2012, even with slow economic growth, as we do not expect any new casinos to open on the Las Vegas Strip for the next several years. |
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HenryTo
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HenryTo
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Location: Los Angeles, California
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HenryTo
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Joined: 06 Aug 2004
Posts: 11740
Location: Los Angeles, California
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| Posted: Wed Jul 28, 2010 12:39 pm Post subject: |
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Morningstar on LVS' 2Q earnings:
| Quote: | | Las Vegas Sands' LVS second quarter reflected growth in Asian markets and stabilizing trends in Vegas, and we are leaving our fair value estimate unchanged. Total revenue grew 50.6%, driven by performance at the company's Macau properties as well as the addition of Marina Bay Sands in Singapore, which opened in April. Macau delivered strong gaming revenue driven by increased volume, while Las Vegas gaming revenue declined as a lower table win percentage offset growth in volume. On the lodging side, revenue per available room increased in both markets, driven primarily by occupancy. The average daily rate in Vegas remains pressured, which we aren't surprised to see, considering that additional capacity came on line last year during the downturn. Adjusted property earnings before interest, taxes, depreciation, and amortization grew to 29.7% of sales, up from 23.4% in the prior-year period, reflecting increased profitability as newer properties ramp up. We are especially impressed to hear that Marina Bay Sands delivered a 43.7% property EBITDA margin in its first 65 days of operation. In addition, construction on Parcels 5 and 6 in Macau continues as planned, which we believe can benefit from a compelling growth story in China fueled by an expanding middle-class population. |
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rffrydr
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| Posted: Thu Feb 18, 2010 9:46 am Post subject: |
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Las Vegas Sand comments
· Las Vegas room rate pressures pretty relentless – see Revpar slightly down in 2010
· Las Vegas room ADR (Average daily rate) slightly down
· January Vegas performance quite healthy
· Las Vegas Group bookings up in 2010 y/y. Group booking is returning to Las Vegas
· Group business was up 20% y/y in first 40 days of 2010
· Forward bookings are increasing for 2010 and 2011.
· Taking some share from MGM
· Macau generated record EBITDA in Q4
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HenryTo
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| Posted: Sun Aug 02, 2009 8:42 pm Post subject: |
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| Maybe - but everything casino-related is hugely dependent on the Chinese government at this point. I don't see the Chinese government "opening up" the Macau border soon since the unofficial line is to prevent money-laundering down south. |
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teenwolf41
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Joined: 26 Jul 2009
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| Posted: Sun Aug 02, 2009 5:07 pm Post subject: |
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| 16% Drop after Fridays close. Looks interesting around $8. |
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HenryTo
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| Posted: Sat Aug 01, 2009 12:02 am Post subject: |
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Las Vegas aims to restart its Macau casino construction. The casino operator industry will get interesting again once MGM finishes its "CityCenter" project:
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Las Vegas Sands targets $400 million bond sale
Fri Jul 31, 2009 11:46pm EDT
HONG KONG, Aug 1 (Reuters) - Las Vegas Sands (LVS.N), the world's largest casino firm, is seeking $400 million in short-term funding to help boost cash and restart construction of its stalled resort in Macau, local media reported on Saturday.
The company controlled by U.S. billionaire Sheldon Adelson is offering convertible bonds with interest of up to 16 percent to hedge funds and pension fund managers, South China Morning Post said, citing people who saw documents prepared by investment bank Goldman Sachs (GSDO.L).
The paper said the sale is linked to Sands' plan to raise $2.5 billion in a Hong Kong initial public offering of its Macau operations early next year. The bonds may be swapped for the IPO shares. Sands has tapped Goldman Sachs to look at a potential Hong Kong listing for its Macau assets. |
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HenryTo
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| Posted: Tue May 05, 2009 9:14 pm Post subject: |
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Las Vegas Sands posts an unexpected profit:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aFcuWjhdIPM0&refer=home
| Quote: | Adjusted profit of $8.9 million, or 1 cent a share beat the 2.5-cent average loss projected by 11 analysts surveyed by Bloomberg. An increase in visitors in Macau and cost cuts helped lift results, the Las Vegas-based company said today in a statement.
Chief Executive Officer Adelson has targeted $470 million in annual savings as Las Vegas works through the worst slump on record. MGM Mirage, the largest casino operator on the Strip, said yesterday that convention cancellations had slowed and occupancy recovered in April. Wynn Chief Executive Officer Stephen Wynn said he saw improving booking trends and stronger weekends.
“We have had a sequential increase, and the trend upward has been established,” Adelson said today on a conference call, referring to month-on-month Las Vegas performance. “We hope it accelerates starting after the summertime.” |
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rffrydr
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| Posted: Sun Dec 07, 2008 6:35 pm Post subject: |
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Rights offerings thought to be the province of the financials (not subprime) are set to become a theme in the newyear--if not overshadowed by debt-to-equity.
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HenryTo
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| Posted: Sun Dec 07, 2008 5:20 pm Post subject: |
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Susquehanna Financial Group on Las Vegas Sands:
http://online.barrons.com/article/SB122842684379580637.html?mod=yahoobarrons&ru=yahoo
| Quote: | WE ARE ISSUING REVISED ESTIMATES and updating our target price for Las Vegas Sands (ticker: LVS) to reflect recent developments, including several capital-raising transactions. Our new target price is $7.50, down from $25.
This reflects more conservative estimates given the myriad of challenges facing Las Vegas Sands in its key markets and the substantial share dilution that occurred through a recent secondary offering of common stock and a recent offering of preferred securities that had warrants associated with them. While the recent transactions were a bitter pill to swallow, Las Vegas Sands' recent warnings about "going concern" issues necessitated the move. Las Vegas Sands has scaled back development and has raised more than $2 billion in cash.
Las Vegas Sands could generate another $1 billion in proceeds if the warrants are exercised. With these moves, Las Vegas Sands has about $6.2 billion of liquidity to fund the $5.4 billion of development it still has on its plate. This should be enough to keep the covenant wolf away from the door for the next 3 to 4 quarters, giving Las Vegas Sands enough time to open Singapore and to begin generating cash there.
In response to disruptions in the credit markets and to preserve its capital, Las Vegas Sands has significantly modified its development pipeline. The scope and timing for the Singapore project remain unchanged. Las Vegas Sands will now just finish the casino portion of the Pennsylvania project, including a few restaurants. The hotel and retail are on hold. |
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HenryTo
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| Posted: Mon Nov 17, 2008 10:18 am Post subject: |
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Las Vegas Sands gets a reprieve. Auditors change their tune:
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UPDATE 1-Auditors remove Las Vegas Sands going concern doubt
Mon Nov 17, 2008 9:22am EST
NEW YORK, Nov 17 (Reuters) - The auditors of Las Vegas Sands Corp (LVS.N: Quote, Profile, Research, Stock Buzz) have removed doubts about the financial viability of the struggling casino company, after it raised capital last week to support its operations.
Las Vegas Sands, which is one Las Vegas's biggest operators and runs the world's largest casino in Macau, raised about $2.1 billion last week selling common shares and preferred stock.
Because of the new capital, and other corporate actions, auditors PricewaterhouseCoopers LLP reversed their statement from earlier this month expressing doubt about the company's future.
"We previously concluded that there was substantial doubt about the company's ability to continue as a going concern," PricewaterhouseCoopers said in a regulatory filing on Monday. "Management has subsequently taken certain actions which we have concluded remove that substantial doubt."
Las Vegas Sands has been one of the casino companies hardest hit by the economic slowdown and reduction in leisure travel this year.
Its shares have slumped to $6.11, 95 percent below their 12-month high of $122.96 last December. |
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HenryTo
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