Las Vegas Sands Corp. (NYSE:LVS) stock fell 2.92% (As on July 20, 11:35:03 AM UTC-4, Source: Google Finance) though the company surpasses estimates for both topline and bottom line for the latest quarter. Unrestricted cash balances as of June 30, 2023 were $5.77 billion. The company has access to $3.67 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of June 30, 2023, total debt outstanding, excluding finance leases and financed purchases, was $14.70 billion.  During the second quarter of 2023, $1.20 billion was repaid on the SCL revolving credit facility. Capital expenditures during the second quarter totaled $196 million, including construction, development and maintenance activities of $144 million at Marina Bay Sands, $42 million in Macao and $10 million in Corporate and Other.

LVS in the second quarter of FY 23 has reported the adjusted earnings per share of 46 cents, beating the analysts’ estimates for the adjusted earnings per share of 45 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $2.54 billion in the second quarter of FY 23, beating the analysts’ estimates for revenue by 7.49%. Operating income was $537 million, compared to an operating loss of $147 million in the prior year quarter.  Net income from continuing operations in the second quarter of 2023 was $368 million, compared to a net loss from continuing operations of $414 million in the second quarter of 2022.

Moreover, on a GAAP basis, total net revenues for Sands China Ltd. (SCL) increased to $1.62 billion, compared to $368 million in the second quarter of 2022.  Net income for SCL was $187 million, compared to a net loss of $422 million in the second quarter of 2022. In Macao, the company is pleased to see the ongoing recovery now underway in all gaming and non-gaming segments progress during the quarter.  LVS remain deeply enthusiastic about the opportunity to continue their investments to enhance Macao’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macao. In Singapore, Marina Bay Sands again delivered outstanding levels of performance in all segments, with mass gaming revenue reaching another record result.

Additionally, the company has announced the resumption of its program to return capital to stockholders.  The company’s quarterly dividend has been reinstated at $0.20 per common share.  The next dividend will be paid on August 16, 2023, to Las Vegas Sands stockholders of record on August 8, 2023.