Boston, MA 04/29/2014 (wallstreetpr) – Las Vegas Sands Corp. (NYSE:LVS) reported strong growth in revenue, earnings and cash flow in its first quarter results ended March 31, 2014.
Highlights
During first quarter 2014 (1Q2014), net revenues were $4.01 billion, increase by 21.4%, compared to $3.30 billion in previous year period, due to solid performance across Macao property and other Asian regions that offset the declining revenue from the U.S. property.
Las Vegas Sands Corp. (NYSE:LVS) reported strong gaming volumes and high occupancy rate over all properties in Macao that drove its adjusted property EBITDA by 49.1% to $939.8 million. As a result, the consolidated adjusted property EBITDA increased by 26.8% to reach $1.48 billion and hold-normalized basis, the adjusted property EBITDA increased by 15.2% to $1.37 billion that improves the hold-normalized adjusted EBITDA to 35.7% in 1Q2014.
The U.S. properties showed a decline in revenue from both Las Vegas and Sands Bethlehem; however, net income attributable by Las Vegas sands improved the overall adjusted earnings during 1Q2014. Adjusted EPS jumped by 36.6% to $0.97, compared to $0.71 per diluted share in 1Q2013.
As of March 31, 2014, LVS has a cash balance of $3.3 billion and net debt of $6.9 billion with net debt to trailing 12-months adjusted EBITDA of 1.4x.
Prospects
Macao is now cementing its position compared to Las Vagas in gambling. As gambling considers as legal in Macao that attracts millions of tourists and biggest players like Las Vegas Sands Corp. (NYSE:LVS) and Wynn Resorts, Limited (NASDAQ:WYNN). LVS outperforms in Macao compared to its competitors due to its leadership position in the gambling industry. LVS reported strong growth in all segments in Macao and continues to drive opportunities with increasing efficiency in foreseeable years.
In addition, other Asian region like Singapore will provide a stable performance for LVS due to growth over hotels and retail segments.
Conclusion
Las Vegas Sands Corp. (NYSE:LVS) can maintain strong balance sheet and liquidity position and invest in future growth opportunities by leveraging its leading position. The Company continues to increase shareholder’s value while focusing growth in current markets.
