Las Vegas Sands Corp. (LVS) reported a “blowout” first quarter last week but the numbers failed to excite investors. At the beginning of the week, LVS shares were selling for $56.88 each. At the end of the week, shares had fallen to $55.87.
Yet, during the quarter, the company had record revenues of $2.76 billion and net income of $489.9 million and adjusted earnings of $0.70 cents per share. And, the company reported the directors had declared a cash dividend of $0.25 per share to be paid on June 29 to shareholders of record on June 20.
So, maybe longtime-gaming analyst Harry Curtis, who now crunches numbers for Nomura Equity Research, was right when he questioned “management’s tone” during the conference call following the quarterly reports.
“The tone of LVS’s Q1 earnings call at best can be described as contentious,” wrote Curtis.
“Investors were hoping for a greater level of disclosure of the impact of table hold, early trends at Sands Cotai, and greater clarity on Spain. We sense that LVS was defensive in discussing these topics,” he added.
Yet, despite the concern, Curtis advised that with the falling share price investors should consider buying shares. He said he expected Las Vegas Sands to be generating a run-rate of free cash flow totaling $4.50 per share and felt there was limited downside in the stock.
During the conference call, CEO Sheldon Adelson told listeners, “We’re cooking on all cylinders.” He noted his company was the first casino company to post more than $1 billion in quarterly earnings before taxes, interest, depreciation and amortization. He added he believes the company would continue to set records.
Adelson also talked of additional developments in Asia and particularly in Spain where he sees a multi-billion development in either Madrid or Barcelona.
Following the discussions, Zacks Equity Research said it remained “bullish” regarding the growth prospects of Las Vegas Sands in Macau and Singapore and had a short-term “buy” rating on the company’s shares.
Louisiana’s state-regulated casinos all won less money in April than in March. The drop totals $35.8 million. The exceptions were 8.7 percent increases at both L’Auberge Lake Charles and the slots casino at the New Orleans Fair Grounds.
Atlantic City’s Revel formally completed a Chapter 11 restructuring that saw it wipe away $1.2 billion of its $1.5 billion in debt, in return for granting lenders an 82 percent ownership stake.
Cantor Gaming announced today it has released future odds on NFL season wins. The company is offering advanced wagering on weeks 1 through 16 of the NFL season, in addition to wagering on NFL season win totals, Division odds and Super Bowl odds.
Terrible’s Hotel & Casino began its transition to a new identity by uninstalling its iconic Terrible’s Cowboy neon sign on Monday. The property will become the Silver Sevens Hotel & Casino in July.
Vegas Sports Books | The LVH Super Book threw out all kinds of cool NFL stuff on Sunday that will give bettors something to chew on for a while. They posted their games of the year along with their season win totals.
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