Post by SouthEastAsia on May 17, 2024 19:05:31 GMT -5
I was looking at FXI and BABA as possible plays for the "Chinese economic recovery/economic stimulus" and then decided to go with LVS before earnings and cut my loses subsequently, but became intrigued by WYNN and have begun averaging a small position into WYNN instead of LVS.
Here's my quick notes from their 1st quarter:
1st quarter 2024 LVS's Macao properties delivered:
$391 mln of adjusted EBITDA in 1Q23
$540 mln in 2Q23
$630 mln in 3Q23
$654 mln in 4Q23
Upward momentum was snapped in Q1, $610 mln, unlucky hold, negative impact of $31 mln.
Per management, pullback in Q1 was due to decisions to renovate, impacting growth as certain rooms were down for repairs and that 2024 will have several impacts related to renovations.
Disruption from ongoing capital investment programs:
Cotai Arena closed for renovation in January 2024 and is expected to reopen in November 2024.
The Londoner, second phase has started room renovation on the first Sheraton.
Plan the completion of the first tower by year-end and of the second tower by Golden Week in May of 2025.
Renovation of the casino on the Sheraton side of London will commence in May 2024 with the reopening scheduled for December of 2024. So, ongoing disruption from capital projects until they come back online between the end of 2024 and the first half of 2025.
Noted, shows at LVS's Londoner arena in Macao totaled just 12 in Q1 versus 31 during Q4, disrupting revenue flows.
Singapore:
$597 mln adjusted EBITDA in Q1, 2024, record EBITDA for the property, but played lucky.
$544 mln adjusted EBITDA in Q4, 2023
LVS suspended share repurchases in March 2020, but reinstated them through November 2025 in 3Q23.
LVS spent $450 million on share repurchases during the first quarter 2024 and the average number of diluted shares outstanding fell year-over-year to 752 million from 766 million.
2023 total revenue $10.4 billion, up from $4.1 billion in 2022.
Total debt was $13.9 billion at the end of 1Q24, down from $14.0 billion at the end of 4Q23.
Unrestricted cash was just under $5.0 billion.
At the end of 1Q24, had a $4.2 billion line of credit.
5 Macau Hotels:
Venetian - 2,905 Suites,
Parisian - 2,541 Rooms and Suites
Plaza and Four Seasons - 379 Rooms and Suites
Londoner - 6,022 Rooms and Suites
Sands Macao - 289 Suites
4/18/2024
--Argus Lowers Las Vegas Sands Price Target to $56 from $59
--HSBC Adjusts Las Vegas Sands' Price Target to $63.50 From $65.50
--Macquarie Adjusts Las Vegas Sands Price Target to $61 From $62
--Citigroup Adjusts Price Target on Las Vegas Sands to $75 From $74
--Jefferies Adjusts Las Vegas Sands Price Target to $53 From $54
--Deutsche Bank Adjusts Las Vegas Sands Price Target to $62 From $66
--Barclays Adjusts Las Vegas Sands Price Target to $59 From $60
--Wells Fargo Adjusts Las Vegas Sands Price Target to $60 From $62
--Stifel Nicolaus Adjusts Las Vegas Sands Price Target to $65 From $70 - MT Newswires
--JPMorgan Adjusts Las Vegas Sands' Price Target to $55 From $59, Keeps Overweight Rating
--Mizuho Adjusts Las Vegas Sands' Price Target to $65 From $70, Keeps Buy Rating
01:26 PM EDT, 04/18/2024 (MT Newswires) -- Las Vegas Sands (LVS) shares fell nearly 9% in recent trading Thursday after HSBC reduced the price target on company's stock to $63.50 from $65.50.
Trading volume stood at above 14.5 million shares against a daily average of about 4.4 million shares.
4/17/2024
04:32 PM EDT, 04/17/2024 (MT Newswires) -- Las Vegas Sands (LVS) reported Q1 adjusted earnings late Wednesday of $0.75 per diluted share, up from $0.28 a year earlier.
Analysts surveyed by Capital IQ expected $0.62.
Revenue for the quarter ended March 31 was $2.96 billion, up from $2.12 billion a year earlier.
Analysts polled by Capital IQ expected $2.94 billion.
The company maintained its quarterly dividend at $0.20 per share, payable May 15 to stockholders of record on May 7.
Las Vegas Sands Reports First Quarter 2024 Results
For the quarter ended March 31, 2024
Net Revenue of $2.96 billion and Net Income of $583 million
Consolidated Adjusted Property EBITDA Reached $1.21 billion
Macao Adjusted Property EBITDA of $610 million
Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $31 million
Marina Bay Sands Adjusted Property EBITDA of $597 million
High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $77 million
LVS Repurchased approximately $450 million of Common Stock
During the first quarter of 2024, we repurchased $450 million of our common stock (approximately 9 million shares at a weighted average price of $52.47). The remaining amount authorized under our share repurchase program is $1.05 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
Here's my quick notes from their 1st quarter:
1st quarter 2024 LVS's Macao properties delivered:
$391 mln of adjusted EBITDA in 1Q23
$540 mln in 2Q23
$630 mln in 3Q23
$654 mln in 4Q23
Upward momentum was snapped in Q1, $610 mln, unlucky hold, negative impact of $31 mln.
Per management, pullback in Q1 was due to decisions to renovate, impacting growth as certain rooms were down for repairs and that 2024 will have several impacts related to renovations.
Disruption from ongoing capital investment programs:
Cotai Arena closed for renovation in January 2024 and is expected to reopen in November 2024.
The Londoner, second phase has started room renovation on the first Sheraton.
Plan the completion of the first tower by year-end and of the second tower by Golden Week in May of 2025.
Renovation of the casino on the Sheraton side of London will commence in May 2024 with the reopening scheduled for December of 2024. So, ongoing disruption from capital projects until they come back online between the end of 2024 and the first half of 2025.
Noted, shows at LVS's Londoner arena in Macao totaled just 12 in Q1 versus 31 during Q4, disrupting revenue flows.
Singapore:
$597 mln adjusted EBITDA in Q1, 2024, record EBITDA for the property, but played lucky.
$544 mln adjusted EBITDA in Q4, 2023
LVS suspended share repurchases in March 2020, but reinstated them through November 2025 in 3Q23.
LVS spent $450 million on share repurchases during the first quarter 2024 and the average number of diluted shares outstanding fell year-over-year to 752 million from 766 million.
2023 total revenue $10.4 billion, up from $4.1 billion in 2022.
Total debt was $13.9 billion at the end of 1Q24, down from $14.0 billion at the end of 4Q23.
Unrestricted cash was just under $5.0 billion.
At the end of 1Q24, had a $4.2 billion line of credit.
5 Macau Hotels:
Venetian - 2,905 Suites,
Parisian - 2,541 Rooms and Suites
Plaza and Four Seasons - 379 Rooms and Suites
Londoner - 6,022 Rooms and Suites
Sands Macao - 289 Suites
4/18/2024
--Argus Lowers Las Vegas Sands Price Target to $56 from $59
--HSBC Adjusts Las Vegas Sands' Price Target to $63.50 From $65.50
--Macquarie Adjusts Las Vegas Sands Price Target to $61 From $62
--Citigroup Adjusts Price Target on Las Vegas Sands to $75 From $74
--Jefferies Adjusts Las Vegas Sands Price Target to $53 From $54
--Deutsche Bank Adjusts Las Vegas Sands Price Target to $62 From $66
--Barclays Adjusts Las Vegas Sands Price Target to $59 From $60
--Wells Fargo Adjusts Las Vegas Sands Price Target to $60 From $62
--Stifel Nicolaus Adjusts Las Vegas Sands Price Target to $65 From $70 - MT Newswires
--JPMorgan Adjusts Las Vegas Sands' Price Target to $55 From $59, Keeps Overweight Rating
--Mizuho Adjusts Las Vegas Sands' Price Target to $65 From $70, Keeps Buy Rating
01:26 PM EDT, 04/18/2024 (MT Newswires) -- Las Vegas Sands (LVS) shares fell nearly 9% in recent trading Thursday after HSBC reduced the price target on company's stock to $63.50 from $65.50.
Trading volume stood at above 14.5 million shares against a daily average of about 4.4 million shares.
4/17/2024
04:32 PM EDT, 04/17/2024 (MT Newswires) -- Las Vegas Sands (LVS) reported Q1 adjusted earnings late Wednesday of $0.75 per diluted share, up from $0.28 a year earlier.
Analysts surveyed by Capital IQ expected $0.62.
Revenue for the quarter ended March 31 was $2.96 billion, up from $2.12 billion a year earlier.
Analysts polled by Capital IQ expected $2.94 billion.
The company maintained its quarterly dividend at $0.20 per share, payable May 15 to stockholders of record on May 7.
Las Vegas Sands Reports First Quarter 2024 Results
For the quarter ended March 31, 2024
Net Revenue of $2.96 billion and Net Income of $583 million
Consolidated Adjusted Property EBITDA Reached $1.21 billion
Macao Adjusted Property EBITDA of $610 million
Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $31 million
Marina Bay Sands Adjusted Property EBITDA of $597 million
High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $77 million
LVS Repurchased approximately $450 million of Common Stock
During the first quarter of 2024, we repurchased $450 million of our common stock (approximately 9 million shares at a weighted average price of $52.47). The remaining amount authorized under our share repurchase program is $1.05 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.