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    Earnings Preview: Asia will headline Sands' 4Q

    Earnings Preview: Asian casinos key to high analyst expectations for Las Vegas Sands' 4Q

    By Oskar Garcia, Associated Press | Associated Press – Tue, Jan 31, 2012

    LAS VEGAS (AP) -- Thanks to continuing growth in gambling in Macau and Singapore, casino operator Las Vegas Sands Corp. is expected to show rising net income and revenue when it reports its fourth-quarter results after the market closes on Wednesday.

    WHAT TO WATCH FOR: Whether Sands plans to build on its success in Macau and Singapore by chasing opportunities in Japan, Spain, Florida or elsewhere — or give cash back to investors or make some other type of move.

    Investors on Wednesday's conference call also will be listening for comments from billionaire CEO Sheldon Adelson about the upcoming Republican presidential caucuses in Nevada. Adelson and his wife have donated $10 million to a political action committee backing former House speaker Newt Gingrich's bid for the GOP nomination.

    Sands, which had $3.95 billion in cash and $9.28 billion in long-term debt as of Sept. 30, may be in the strongest position of any gambling company, with new casino, hotel and retail space opening in the Cotai area of Macau in stages starting in March. Sands says its properties will be the last to open in Macau for at least four years.

    Analyst Harry Curtis of Nomura Equity Research told investors in a note on Tuesday that Sands may be delaying announcing a regular dividend because it's considering more new development elsewhere. But others expect it to announce a special dividend.

    Analyst Mark Strawn of Morgan Stanley & Co. said Sands can afford the dividend. And that would greatly benefit Adelson, the company's largest shareholder.

    WHY IT MATTERS: Las Vegas Sands Corp. has pulled itself up out of the Great Recession with gusto. It has lots of cash, strength in the booming Asian gambling market and plans to expand in Macau, the world's single biggest casino market.

    Analyst Robin Farley of UBS Investment Research said that expansion will put Sands in position to capture much of the expected 10 percent growth in Macau.

    Farley said the company's share of gross gambling revenue in Macau could soar past 19 percent by the end of 2012, compared with 15 percent in the fourth quarter of 2011.

    WHAT'S EXPECTED: Analysts polled by FactSet expect Sands to report adjusted earnings of 57 per cents per share and revenue of $2.47 billion for the fourth quarter.

    LAST YEAR'S QUARTER: Las Vegas Sands reported adjusted earnings of 42 cents per share on revenue of $2.4 billion in 2011's fourth quarter.

    ___

    Oskar Garcia can be reached at http://twitter.com/oskargarcia

     

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