Flash: Las Vegas Sands prelim $0.54 vs $0.44 Capital IQ Consensus Estimate; revs $2.35 bln vs $2.21 bln Capital IQ Consensus Estimate

Reports Q2 (Jun) earnings of $0.54 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.44; revenues rose 47.1% year/year to $2.35 bln vs the $2.21 bln consensus. Consolidated adjusted property EBITDA in 2Q11 increased 90.4% to $901.6 million, compared to $473.5 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 870 basis points to 38.4% in 2Q11, compared to 29.7% in the second quarter of 2010. Marina Bay Sands adj. EBITDA margin 55% vs. 48.6% in Q1 and 54.6% in 4Q10; Las Vegas rev +18% vs. -8% in Q1 and +17% in 4Q10. “In Macau, we experienced increased gaming volumes in our Sands China property portfolio, while adjusted property EBITDA margin expanded to reach a market-leading 33.0%. The growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming (hotel, retail and convention) components of our integrated resort business model, continue to drive significant margin improvement at Sands China… In Singapore, Marina Bay Sands produced a record $405.4 million of adjusted property EBITDA during the quarter and an EBITDA margin of 55.0%. Record VIP, mass gaming and slot volumes coupled with steady growth in non-gaming revenue streams including hotel, food and beverage, retail and entertainment reflect the broad appeal of the property to Singapore’s visitors from across the Asian region.”