EPS & Earnings ... Hits & Misses

[madrose1]

LVS 108-106-102 beats by $0.06 @ 37c shr, beats on revs (104.09 +0.84) *****

Reports Q4 (Dec) earnings of $0.37 per share, excluding non-recurring items, $0.06 better than the Reuters Estimates consensus of $0.31; revenues rose 27.1% year/year to $636.3 mln vs the $551.1 mln consensus. "In Asia, we delivered another strong quarter at The Sands Macao, with our Mass Market, VIP and slots businesses all reflecting increases in gaming win compared to the quarter one year ago. For the fourth quarter in total, despite the addition of incremental capacity in the marketplace, we captured over 19% of the table game market in Macao. And in the month of December, our market share increased to over 21% of the Macao gaming market. Our visitation trends have also continued to increase, with visitation to The Sands increasing by over 8% in the fourth quarter compared to a year ago, by over 15% in December 2006 compared to last December. These trends both support and validate the strength of our service offering and clearly provide positive momentum as we prepare to open Macao's first true integrated destination resort, The Venetian Macao, which will be the largest gaming facility as measured by number of table games, in the world. In Las Vegas, we delivered strong results across the board, with gaming, hotel, and food and beverage revenues all reflecting healthy increases compared to the quarter one year ago. Those revenue increases drove adjusted property EBITDAR at the Venetian to $134.1 mln, which we believe is the highest quarterly adjusted property EBITDAR of any property in Las Vegas history."


LVS Las Vegas Sands: Earnings conference call summary (104.09 +0.84) -Update-

Co did not provide guidance (historically does not)... Supply-driven market conditions remain in place in Macao. Co still believes higher quality products will take mkt share from the lower quality products there... Co says they saw a decrease in their Macao mkt share as customers went to check out some of the new casinos, but saw the mkt rebound at the end of the year. Adds they've held up well as competition has heated up and they have increased their high-end mkt share... Co says more they increase activities in Asia, the more opportunities their salespeople have to attract high-end customers due to increased exposure. Adds this is just beginning; only 2-3 quarters of exposure so far... Co says departments at Venetian showed improved operating margins. Been attacking margins there since end of Q2 after unhappy with margin results then... Co says expect to mark a significant milestone soon in Singapore construction... Co says all along been seeing Macao as more of a destination for non-Chinese high-end players.