Las Vegas Sands on Q4 call (47.29 +0.24)
- CEO/Chairman Sheldon Adelson is under the weather, not on the call.
- Macau growth coming from every segment; margins stable or growing except in rolling premium direct, which was negatively impacted by low hold (got unlucky).
- Premium mass outperformed.
- Remain bullish on Macau; region has absorbed a ton of capacity in recent years, keeps growing. New bridge will be a game changer.
- Mass and premium mass will drive drive EBITDA growth as VIP will continue to struggle
- Smoking ban is a speed bump; not a concern
- Biggest issue in Singapore is capacity constraint
- Bought back $430M in stock during the quarter
After hours: LVS -2%, WYNN -0.6%, MGM +0.6%, MLCO +0.4