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Las Vegas Sands Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 9, 2012 11:19AM
Las Vegas Sands Corp. (LVS) filed Quarterly Report for the period ended 2012-06-30. Las Vegas Sands Corp. has a market cap of $31.88 billion; its shares were traded at around $40.01 with a P/E ratio of 17.2 and P/S ratio of 3.4. The dividend yield of Las Vegas Sands Corp. stocks is 2.6%. Las Vegas Sands Corp. had an annual average earning growth of 14.7% over the past 10 years.
Highlight of Business Operations:We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling Chip win as a percentage of drop and slot hold as a percentage of slot handle. Win or hold percentage represents the percentage of Rolling Chip volume, Non-Rolling Chip drop or slot handle that is won by the casino and recorded as casino revenue. Based upon our mix of table games, our Rolling Chip win percentage (calculated before discounts and commissions) is expected to be 2.7% to 3.0% and our Non-Rolling Chip table games have produced a trailing 12-month win percentage (calculated before discounts) of 29.2%, 20.6%, 42.1% and 22.8% at The Venetian Macao, Sands Macao, Four Seasons Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 5.7%, 4.6%, 5.6% and 5.3% at The Venetian Macao, Sands Macao, Four Seasons Macao and Marina Bay Sands, respectively. Actual win may vary from the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis. In Macao and Singapore, 31.7% and 35.6%, respectively, of our table games play was conducted on a credit basis for the six months ended June 30, 2012.
Consolidated net revenues were $2.58 billion for the three months ended June 30, 2012, an increase of $236.8 million compared to $2.35 billion for the three months ended June 30, 2011. The increase was driven by $265.6 million of net revenues at Sands Cotai Central, which opened in April 2012, and a $145.4 million increase at Four Seasons Macao, partially offset by decreases of $86.0 million, $59.4 million and $42.8 million at The Venetian Macao, Sands Macao and Marina Bay Sands, respectively.
Casino revenues increased $205.2 million compared to the three months ended June 30, 2011. The increase is attributable to $249.5 million of revenues at Sands Cotai Central and a $141.5 million increase at Four Seasons Macao, driven by increases in Rolling Chip volume and win percentage. These increases were partially offset by decreases of $86.9 million and $59.0 million at The Venetian Macao and Sands Macao, respectively, due to decreases in Rolling Chip win percentage and volume, as well as a $44.4 million decrease at Marina Bay Sands, driven by a decrease in Rolling Chip win percentage. The following table summarizes the results of our casino activity:
Casino expenses increased $213.0 million compared to the three months ended June 30, 2011. Of the increase, $176.8 million was attributable to Sands Cotai Central. There was also an increase of $104.2 million at Four Seasons Macao, driven primarily by an increase in gaming taxes due to increased casino revenue, and increases of $9.7 million at Sands Bethlehem and $9.1 million at Marina Bay Sands. This was partially offset by decreases of $55.0 million at The Venetian Macao and $35.8 million at Sands Macao, driven primarily by a decrease in gaming taxes due to decreased casino revenue.
On February 28 and June 22, 2012, SCL paid a dividend of 0.58 Hong Kong dollars per share (a total of $1.20 billion) to SCL shareholders (of which we retained $844.4 million). On March 30 and June 29, 2012, we paid a dividend of $0.25 per common share as part of a regular cash dividend program. During the six months ended June 30, 2012, we recorded $411.5 million as a distribution against retained earnings (of which $215.7 million related to our Principal Stockholders family). In July 2012, our Board of Directors declared a quarterly dividend of $0.25 per common share (a total estimated to be approximately $206 million) to be paid on September 28, 2012, to shareholders of record on September 20, 2012.
Stocks Discussed: LVS,