Las Vegas Sands Corp (LVS)

Las Vegas Sands Corp (LAS) stock declined by 8.66%, driven by reported better-than-expected first-quarter earnings and revenue. Despite this positive news, seven analysts opted to lower their price targets. The casino's ongoing renovations in Macau also contributed to investor disappointment, further impacting the stock's performance.

• Positive Q1 earnings: Las Vegas Sands reported adjusted EPS of 75 cents for Q1 2024, surpassing estimates by 21%. Revenues of $2.96 billion exceeded expectations by 0.6% and increased 39.6% from the previous year. Interest expenses decreased to $182 million from $218 million in the year-ago quarter.
• Impact of Renpvations: LVS stock was also affected by management's decision to renovate the Cotai Arena and parts of the London Phase II property during the quarter. This led to lower-than-anticipated adjusted EBITDA for the Macau segment.

Shares of Las Vegas Sands Corp (LVS) dropped by 4.87% from $47.66 to $45.34 in the trading on Wednesday, November 29, 2023. The reason why LVS is down today is due to the announcement of a proposed secondary public offering of $2 billion of shares of its common stock. the company's announcement of a proposed secondary public offering. Las Vegas Sands Corp revealed its plans to conduct a secondary public offering, aiming to offer $2 billion worth of shares of its common stock. The company also expressed its intention to repurchase shares, up to $250 million, from the offering at the same per-share price offered to the Selling Stockholders by the underwriters. Importantly, Las Vegas Sands Corp will not receive any proceeds from the sale of common stock in this offering.