LVS Las Vegas Sands Earnings Miss
Stock Market Earnings on LVS Las Vegas Sands Earnings Miss Las Vegas Sands Corp. (NYSE:LVS - News) -- Consolidated Adjusted Property EBITDA Increases 101.0% to Record $745.7 Million ($785.7 million on hold adjusted basis) on Record Net Revenue of $2.11 Billion.
Consolidated Adjusted Property EBITDA Margin Increases 750 Basis Points to 35.3%-- Macau Property Operations Adjusted Property EBITDA Increases 46.1% to Record $378.6 Million with EBITDA Margin of 33.4%-- Marina Bay Sands Generates Adjusted Property EBITDA of $284.5 Million and EBITDA Margin of 48.6% (On a hold adjusted basis, Adjusted Property EBITDA of $311.0 Million and EBITDA Margin of 53.2%)
Consolidated Adjusted Earnings Per Diluted Share Reaches $0.37 Compared to $0.07 in the First Quarter of 2010Las Vegas Sands Corp. (NYSE:LVS - News) today reported financial results for the quarter ended March 31, 2011.Company-Wide Operating ResultsNet revenue for the first quarter of 2011 was a record $2.11 billion, an increase of 58.2% compared to $1.33 billion in the first quarter of 2010.
Consolidated adjusted property EBITDA in the first quarter of 2011 increased 101.0% to $745.7 million (on hold adjusted basis $785.7 million), compared to $371.0 million in the year-ago quarter.
Consolidated adjusted property EBITDA margin increased 750 basis points to 35.3% in the first quarter of 2011, compared to 27.8% in the first quarter of 2010.On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2011 increased 242.6% to reach $485.9 million, compared to $141.8 million in the first quarter of 2010.
The increase in operating income was principally due to stronger results across our portfolio of properties in Macau, and operations at Marina Bay Sands in Singapore, which opened in April 2010.Adjusted net income (see Note 1) increased to $299.4 million, or $0.37 per diluted share, compared to $53.5 million, or $0.07 per diluted share, in the first quarter of 2010.On a GAAP basis, net income attributable to common stockholders in the first quarter of 2011 increased to $228.2 million, compared to a net loss of $28.9 million in the first quarter of 2010.
Diluted earnings per share in the first quarter of 2011 was $0.28, compared to a diluted loss per share of $0.04 in the prior year quarter. The improvement in our net income attributable to common stockholders of $257.1 million reflects the increase in operating income, partially offset by increases in net income attributable to noncontrolling interests (primarily Sands China Ltd.) and income tax expense.First Quarter OverviewWe are pleased to report record financial results for the first quarter of 2011.
We set quarterly records for net revenue and adjusted property EBITDA during the quarter. Strong revenue growth and margin expansion in Macau, together with the continuing ramp of growth in all areas at Marina Bay Sands in Singapore contributed to a strong financial performance overall.In Macau, we experienced stronger gaming volumes at each of our Sands China properties, The Venetian Macao, the Sands Macao and the Plaza Casino at the Four Seasons Hotel Macao, while adjusted property EBITDA margin expanded across the Sands China property portfolio to reach a market-leading 33.4%. The growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming components of our integrated resort business model, continue to drive significant margin expansion at Sands China. With our strong bus
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