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Las Vegas Sands' Asia business is booming as casino Covid recovery accelerates

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With Singapore exceeding pre-pandemic levels and Macao recovering, Las Vegas Sands announced $2 billion in buybacks and a plan to put its pile of cash to work.

Las Vegas Sands announced earnings of 55 cents per share on revenue of $2.8 billion, in line with expectations.

Las Vegas Sands announced earnings of 55 cents per share on revenue of $2.8 billion. Earnings were in line with expectations, while revenue slightly topped estimates, based on a survey of analysts by LSEG, formerly known as Refinitiv. As cashflow increases, Las Vegas Sands is laying out new priorities for capital expenditures. It will continue its remodel of Marina Bay Sands, resulting in nearly four times the number of suites, which command greater prices. In Macao, the second phase of constructionLas Vegas Sands also announced a $2 billion share repurchase plan through 2025.

When Bank of America analyst Shaun Kelley commented on the earnings call, "You're probably the most under-leveraged gaming company I've ever covered," Dumont said it has been a five-year process to transform the company to be investment grade.

 

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