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In an effort to evaluate performance and as a follow up to our YouTube, we compare how the quarter measured up to previous management commentary and guidance


OVERALL

  • IN-LINE:  Low hold in Vegas and Singapore prevented LVS from meeting our estimates. While management was bullish about Macau, they were more subdued regarding the outlook for Vegas and Singapore

LVS 2Q 2013 REPORT CARD - l1

MACAU

VENETIAN TABLE YIELD

  • BETTER:  win per table per day reached almost $17,000 (21% YoY) even as average tables grew by 74 
  • PREVIOUSLY:  "We're yielding at the Venetian $12,000-plus a table last quarter. Obviously, we need more tables going forward. Even if we're doing 400 tables, we probably could use another 50 or 100. The junket yields are just down across the market because no matter who you are, you're not getting the yield per table. But we just simply follow the trends. It's hard to predict, but the good news is the government's very helpful, allowing you to move tables around."

PARISIAN OPENING DATE

  • SAME:  Parisian is on track to open in late 2015
  • PREVIOUSLY:  "Based on our current construction schedule and subject to timely government approvals, we're still targeting the opening of The Parisian for late 2015."

SINGAPORE 

VIP

  • BETTER:  VIP volumes grew 25% YoY.  Mgmt attributed the strong performance to $1MM bets.
  • PREVIOUSLY:  "Our VIP business remains okay. I mean, we did have a great quarter, $18 billion, but we always tell people it's a very concentrated segment that you can't predict quarter-to-quarter. It's $1,000 – $2,000 accounts that really matter in that segment. So, it's highly concentrated."

MASS WIN RATE

  • SLIGHTLY WORSE:  Mass win per day declined slightly YoY to $4.51MM 
  • PREVIOUSLY:  "We'd like to target to get that mass market business back up to about $4.6MM or more a day."

MALL

  • WORSE: mall revenues fell 4% YoY.  As more retail opens up, mgmt believes occupancy should improve.
  • PREVIOUSLY:  "The mall continues to get better and better, and we leased that during a rather difficult time. And as we keep changing out tenants, that gets better by the day and that's a wild asset. The upside of that mall, I think, is yet to be seen."

SLOTS

  • SAME:  slot handle was flat as the market continues to be pressured by govt restrictions on local play
  • PREVIOUSLY:  "Slot segment continued to show weakness. And that's because Slots is primarily driven by the local market, which has not recovered."

JAPAN

  • SAME:  expects a bill in November.  There may be a restriction that limits the time to build the new casino to two years.
  • PREVIOUSLY:  "There's a lot of noise about Japan, about 100 people in the legislature wanting to get legislation as early as November."