I Demand That Las Vegas Sands Change Their Name!

• Posted by kid dynamite
• on January 30th, 2013

This isn’t the first time I’ve made this point, but I figured I’d bring it up again, for those just unaware at how incredibly NOT-Las-Vegas Las Vegas Sands ($LVS – no positions) is.  Here’s a little spreadsheet I put together with numbers from LVS’s 8-k earnings report just filed:

(disclosure: data manually compiled from the 8-k: errors are possible)

Notice that Las Vegas represents 3% of the operating income, and 5% of the adjusted property EBITDA.   Pfooey.   Las Vegas Sands my ass…

There is another thing that I always find amazing (even though, again, I’ve written about it before) – LVS does more casino revenue in Bethlehem, PA than they do in Las Vegas.   Amazing.   On a related note, I broke out the revenues for each property by casino revenue and total revenue:

Notice that Las Vegas is the only property (properties: Venetian and Palazzo) where they derive a significant portion of their revenues from NON-casino sources (then again, this is largely because the Vegas casino numbers are so weak)…

Finally, I ran through the same “how was their gambling luck” exercise that I’ve done in the past with WYNN, and came up with a rough estimate of negative 8c/share of EPS impact for LVS due to “bad luck” in the form of lower than expected hold percentage.   (Rolling Chip variation = (Rolling Chip Volume) x (Rolling Chip Win % – Expected Rolling Chip win %), and I used the midpoint of the expected range)

Someone mentioned to me that the company said that “adjusted” EPS were 10c higher than reported, so my 8c estimate, which ignored slot hold and non-rolling chip win % was pretty close.

Related: LVS Q4 2012 8-k

Las Vegas Sands Should Change Its Name

Las Vegas Sands Earnings Beat Was Due to Good Luck

WYNN Gets Unlucky in The Quarter

WYNN Gets Lucky In the Quarter

 

-KD

disclosure: no positions in $LVS, $WYNN

 

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