Las Vegas (Is Only A Teeny Part of Our Business) Sands Q1 Earnings Report

Last quarter I wrote a post titled “Las Vegas Sands Should Change Its Name,”  because, well, this company ain’t got nuthin’ to do with Las Vegas anymore.    It’s all about the Far East.   I’ve just gone through the 8k filing and updated the table I posted last quarter which contains the breakdown of revenue and LVS’s favorite non-GAAP measure: Adjusted Property EBITDA.  It looks like this:

Data Manually Compiled From The 8-k. Errors Are Possible

So you can see that Las Vegas is about 10% of their business now.   There’s something else that’s interesting about the Las Vegas numbers.  Did you catch it?  Here, let me give you another table to make it clear:

Las Vegas is the only property where a significant % of the income comes from non-gaming activities.  This is not a new phenomenon, by the way, but still interesting, anyway…

I’ll be back later with another post digging into the detail of LVS’s win percentages.

-KD

disclosure:  I am daytrading $LVS today.  At the time I’m hitting publish, I am long, but that may change at any moment.

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