SCHYY - Las Vegas Sands stock surges as China recovery aids revenue rebound

2023-04-19 16:19:04 ET

Las Vegas Sands ( NYSE: LVS ) shares were lifted higher by a comfortable top and bottom line beat for the first quarter on Wednesday.

For the first quarter , the China-focused casino operator posted $0.28 in adjusted earnings per share on $2.12B in revenue. Analysts had anticipated $0.18 and $1.83B, respectively. Consolidated adjusted property EBITDA was $792M as compared to just $110M in the prior year quarter. That figure also flew past the consensus expectation of $605.1M.

The company credited strong performance in Singapore as well as a rebound in China for the positive results.

“In Macao, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments accelerate during the quarter. We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macao’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macao,” CEO Robert Goldstein commented. “Our financial strength supports our ongoing investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

Shares of Las Vegas Sands ( LVS ) jumped 4.33% shortly after the print .

For further details see: