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NEW YORK - Las Vegas Sands Corp. (NYSE:LVS) shares jumped 6.3% in after-hours trading on Wednesday after the casino operator reported fourth quarter earnings that missed analyst expectations.
The company reported adjusted earnings per share of $0.54 for the quarter ended December 31, 2024, compared to analyst estimates of $0.58. Revenue came in at $2.9 billion, slightly below the consensus forecast of $2.91 billion but up from $2.915 billion in the same quarter last year.
While EPS missed estimates slightly, investors focused on the strong results from Marina Bay Sands in Singapore, which saw adjusted property EBITDA rise to $537 million in Q4. The property benefited from high hold on rolling play, which positively impacted EBITDA by $2 million.
"Marina Bay Sands continued to deliver outstanding financial and operating performance," said Robert G. Goldstein, chairman and CEO of Las Vegas Sands. "Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands."
The company’s Macao operations saw adjusted property EBITDA of $571 million, though low hold on rolling play negatively impacted EBITDA by $22 million.
Las Vegas Sands repurchased $450 million of its common stock during the quarter and acquired $250 million of Sands China Ltd (HK:1928). stock, increasing its ownership to 72.3%.
For the full year 2024, Las Vegas Sands reported net income of $1.45 billion, or $1.96 per diluted share, up from $1.22 billion, or $1.60 per share, in 2023.
The company said it remains enthusiastic about growth opportunities in both Macao and Singapore as it executes capital investment programs in those markets. Las Vegas Sands stock is up 15% over the past year.
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