I Demand That Las Vegas Sands Change Their Name!

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:

lvs_q4_2012

(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:

lvs_casino_q4_2012

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)

lvs_variation_q4_2012

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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