Quarterly net revenue climbed up12.5% year over year to $2.71 billion. However, it missed the Zacks

Casino company - Las Vegas Sands Corp. ( LVS - Analyst Report ) recently reported adjusted earnings of 46 cents per share in the third quarter of 2012, substantially discount on rental cars tampa fl below the Zacks Consensus Estimate of 60 cents and the year-ago quarter earnings of 55 cents per share.
On GAAP basis, the company reported net income of $349.8 million or 42 cents per share compared with $353.6 million or 44 cent per share in the year-ago quarter. The decline in results was primarily due to a drop in operating income partially offset by the benefit from the discontinuation of preferred stock dividend.
Quarterly net revenue climbed up12.5% year over year to $2.71 billion. However, it missed the Zacks Consensus Estimate of $2.88 billion. Consolidated adjusted discount on rental cars tampa fl property EBITDA (earnings before interest, taxes, depreciation and amortization) plunged 5.1% year over year to $924.1 million. The poor results were due to weak business at its Singapore operations.
Las Vegas Sands integrated discount on rental cars tampa fl resort properties and other assets in Macao are owned and operated by Sands China Ltd., which is a majority-owned subsidiary of the company. Net revenue at Sands China jumped 36.7% year over year to $1.64 billion during the quarter. Adjusted property EBITDA perked up 24.3% to $485.6 million during the quarter.
Net revenue discount on rental cars tampa fl increased 12.1% to $772.8 million at The Venetian Macao, while Sands Macao earned discount on rental cars tampa fl revenues of $315.3 million, up 2.6%. Moreover, revenues at Four Seasons Hotel Macao and Plaza Casino surged 32.8% to $224.5 million, driven by strong visitation and growth in Macao. Net revenue discount on rental cars tampa fl at Sands Cotai Central, the first phase of which was opened on April 11, 2012, was $295.9 million.
On September 20, Las Vegas also opened the second phase of its Integrated discount on rental cars tampa fl Resort offering, Sands Cotai Central at the centre of the Cotai Strip. We believe facilities of Sands Cotai will drive additional visitation in Macao and will further discount on rental cars tampa fl boost Las Vegas market share in Macao.
Net revenue from the Las Vegas operations, which comprises The Venetian Las Vegas and The Palazzo, leaped 17.0% year over year to $364.4 million. The upside in revenue was driven by growth in slot handle, table games play and casino revenue. Adjusted property EBITDA nudged up 4.1% to $94.3 million.
Revenue at Marina Bay Sands, which made its debut in April 2010, dropped 21.1% to $625.5 million during the third quarter of 2012. The decline in revenue was due to lower Rolling Chip win volume and slot handle and higher provision for accounts receivable. Adjusted property EBITDA declined 37.0% to $260.8 million. However, discount on rental cars tampa fl the Marina Bay Sands enjoyed RevPAR growth of 12.1% driven by higher occupancy and average daily rate.
At end of the quarter, the company had $3.75 billion in unrestricted cash balance. Total debt outstanding, including the current portion, was $9.50 billion. The company has scheduled discount on rental cars tampa fl principal payment requirements for 2012 and 2013 of $8.7 million and $97.5 million, respectively.
The company reported lower-than-expected results due to weak business in Singapore and our outlook for the Macao market remains feeble as a result of slowing economic growth in China. However, a dividend hike of 40% was encouraging which reflects that Las Vegas is heading toward strong future growth.
One of Las Vegas Sands' primary competitors discount on rental cars tampa fl MGM Resorts International ( MGM - Analyst Report ) recently discount on rental cars tampa fl reported third-quarter 2012 adjusted discount on rental cars tampa fl loss of 23 cents per share down from the Zacks Consensus discount on rental cars tampa fl Estimate discount on rental cars tampa fl of a loss of 16 cents per share.
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