Las Vegas Sands second quarter results miss expectations as unusually low gaming hold in Macao pressures revenue and EBITDA.

Las Vegas Sands reported second quarter net revenue of $3.15 billion and adjusted EPS of $0.59, missing consensus estimates of $3.37 billion and $0.77, respectively. The declines were primarily driven by weaker-than-expected results in Macao, which offset steady performance in Singapore.

Key Highlights

• Macao Adjusted Property EBITDA fell to $430 million from $566 million year-over-year, well below the $650 million estimate, which management attributed to an unusually low hold percentage on rolling chip play.
• Marina Bay Sands in Singapore delivered Adjusted Property EBITDA of $689 million, down from $768 million in the prior year, with margins contracting to 49.9% from 55.3%.
• The company accelerated capital returns, repurchasing $787 million in common stock and increasing its total share repurchase authorization to $6.0 billion.