2023-07-20 08:38:33 ET
The recovery in Macau casino traffic continues to be seen in the quarterly results for Las Vegas Sands ( NYSE: LVS ).
Consolidated adjusted property EBITDA for the casino operator soared to a post-pandemic high of $973M in Q2 and is more than halfway back to the levels seen in 2019 when gross gaming revenue and traffic in Macau were at all-time highs.
Notably, Las Vegas Sands ( LVS ) pointed to an improving trend with consolidated EBITDA within the quarter for the Macau business as the metric hit $200M in June alone. EBITDA for the Marina Bay Sands property also showed strong growth and topped expectations.
Las Vegas Sands ( LVS ) reported Q2 non-GAAP EPS of $0.46 versus the estimate of $0.43. Revenue for the quarter totaled $2.54B, up 142% year-over-year and beating the consensus by $160M. The casino company also restarted its dividend at $0.20 per common share to be paid on August 16. During the earnings call, CEO Rob Goldstein said a powerful recovery is taking place in Macao and Singapore that is evident in the company's results.
"We believe it's early days and there's still room to run in both those markets. We continue to invest in both markets for our future growth. We do have a structural advantage in Macao based on our scale. As the market accelerates, we will be a major beneficiary in the future."
On Wall Street, CBRE Equity Research analyst John DeCree said while the dividend alone is a nice surprise for LVS investors, the firm believes it sends a much bigger message of management’s confidence in the ongoing recovery in both Macau and Singapore.
More on Las Vegas Sands:
- Las Vegas Sands earnings highlights
- Las Vegas Sands earnings call transcript
- Growth metrics on Las Vegas Sands
For further details see:
Inside Las Vegas Sands: Consolidated adjusted property EBITDA hits post-pandemic high