las vegas sands corp (LVS) Key Developments
Steven Jacobs Lawsuit Against Sands China to Proceed in Nevada
May 22 15
A Nevada judge announced that a wrongful termination lawsuit the former CEO of Sands China Ltd. filed against the Sands China Ltd., and Sands chairman Sheldon Adelson can proceed in Nevada. Judge Elizabeth Gonzalez issued her ruling after hearing days of testimony to determine if Nevada has jurisdiction over the case. The lawsuit from Steven Jacobs accuses Sands China Ltd., Las Vegas Sands Corp. and Adelson of a host of misdeeds.
Sands Cotai Central Reports Unaudited Earnings and Operating Results for the First Quarter Ended March 31, 2015
May 4 15
Sands Cotai Central reported unaudited earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported net revenues of USD 566.3 million against USD 821.2 million a year ago. Adjusted EBITDA was USD 155.7 million compared to USD 264.7 million a year ago. Operating profit was USD 77.7 million compared to USD 194.4 million a year ago.
For the quarter, the company reported revenue per available room of USD 141 against USD 157 a year ago. Occupancy was 81.5% against 88.8% a year ago. Average daily rate was USD 173 against USD 177 a year ago.
Las Vegas Sands Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
Apr 22 15
Las Vegas Sands Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. Net revenue for the first quarter of 2015 decreased 24.9% to $3.01 billion, compared to $4.01 billion in the first quarter of 2014. Consolidated adjusted property EBITDA of $1.05 billion decreased 29.0% in the first quarter of 2015, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA decreased 25.2% to $1.02 billion in the first quarter of 2015. On a GAAP basis, operating income in the first quarter of 2015 decreased 37.8% to $711.1 million, compared to $1.14 billion in the first quarter of 2014. The decrease in operating income was principally due to softer results across Macao property portfolio. On a GAAP basis, net income attributable to Las Vegas Sands in the first quarter of 2015 decreased 34.0% to $511.9 million, compared to $776.2 million in the first quarter of 2014, while diluted earnings per share in the first quarter of 2015 decreased 32.6% to $0.64, compared to $0.95 in the prior-year quarter. The decrease in net income attributable to Las Vegas Sands reflected the decline in operating income described above, offset by a $121.4 million decrease in net income attributable to noncontrolling interests. Adjusted net income decreased to $531.1 million, or $0.66 per diluted share, compared to $793.9 million, or $0.97 per diluted share, in the first quarter of 2014. Income before income taxes was $666,703,000 against $1,055,881,000 a year ago.
Las Vegas Sands Corp. Declares Recurring Quarterly Dividend, Payable on June 30, 2015
Apr 22 15
Las Vegas Sands Corp. announced that its next recurring quarterly dividend of $0.65 per common share will be paid on June 30, 2015, to Las Vegas Sands shareholders of record on June 22, 2015.
Las Vegas Sands Corp. to Report Q1, 2015 Results on Apr 22, 2015
Apr 17 15
Las Vegas Sands Corp. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on Apr 22, 2015