Las Vegas Sands Shares Drop 3% Despite Better Than Expected Q1 Results

Las Vegas Sands (NYSE:LVS) shares fell more than 3% pre-market today despite the company exceeding analyst expectations in its first-quarter financial report, with earnings per share of $0.75 surpassing the anticipated $0.61. The company's revenue reached $2.96 billion, slightly ahead of the expected $2.94 billion.

Adjusted property EBITDA saw a significant year-over-year increase of 53%, reaching $1.21 billion and beating forecasts of $1.19 billion. Despite an increase in capital expenditures to $196 million, up 18% from the previous year, this was much lower than the forecasted $322.5 million. During the quarter, the company also repurchased about $450 million of its common stock. Chairman and CEO Robert G. Goldstein expressed satisfaction with the results, noting strong performance in Macao and Singapore. He emphasized the company's commitment to driving growth in these markets through substantial capital investment programs.