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Las Vegas Sands meets Q3'19 EPS estimates


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Las Vegas Sands meets Q3'19 EPS estimates

Hotel and casino operator Las Vegas Sands Corp. reported third-quarter EPS that met analysts' estimates. The company also announced expansion plans for its Asian businesses in Macao, Singapore and Japan.

In a statement, Chairman and CEO Sheldon Adelson said about 2 million square feet of luxurious suite accommodations will be added on the company's Macanese operations with the opening of the Grand Suites at Four Seasons Macao and The Londoner Tower Suites through 2020 and 2021. The integrated hospitality chain also plans to expand the Marina Bay Sands in Singapore with an additional 40% suite capacity and entertainment arena. Adelson added that they are also "aggressively" pursuing more development opportunities in new markets like Japan.

Net income attributable to Las Vegas Sands for the quarter ended Sept. 30 decreased to $533 million from $571 million in the year-ago period.

Adjusted earnings per diluted share in the quarter came in at 75 cents, similar to S&P Global Market Intelligence's normalized consensus mean estimate.

Net revenue slid 3.6% year over year to $3.25 billion, compared to $3.37 billion in 2018.

Las Vegas Sands said it repurchased $100 million worth of shares during the quarter. It also paid a recurring quarterly dividend of 77 cents per share.