Las Vegas Sands (LVS) smashed earnings expectations for the first quarter late Wednesday and signaled a "robust recovery" in China's gaming hub, Macau. LVS stock broke out Thursday along with other casino stocks.
XOther Macau-focused casinos rallied on Sands' earnings report, including MGM Resorts (MGM), Wynn Resorts (WYNN) and Melco Resorts (MLCO), but came well off early highs.
Las Vegas Sands Earnings
The Macau casino stock swung to earnings of 28 cents per share from a net loss of 40 cents a year ago. Revenue vaulted nearly 125% to $2.12 billion.
Analysts were expecting 20 cents EPS and sales of $1.852 billion, FactSet shows.
Travel restrictions and reduced visitation continued to affect financial performance during the quarter, the company said. But "... a robust recovery in travel and tourism spending (in Macau and Singapore) is now underway," CEO Robert Goldstein said in an earnings release.
LVS Stock
Shares of Las Vegas Sands gained 3.7% to 61.53 on the stock market today but off session highs of 63.29. LVS stock topped a 60.40 cup-with-handle buy point, the MarketSmith chart shows. The casino stock is nearing Q1 2021 highs.
Year to date, the gaming stock is up 28% vs. an 8.3% gain for the S&P 500. A slew of Wall Street firms raised price targets on LVS stock after the earnings beat.
Other Macau Casino Stocks
The Las Vegas Sands outlook fueled other Macau-focused casino operators.
MGM stock briefly cleared a 45.09 cup-with-handle entry, but reversed slightly lower, down 0.1% to 44.60.
WYNN stock gained 1.4% to 113.69, with an early entry from the 50-day line. Intraday shares hit 116.69, just tipping past a messy flat base entry of 116.60.
MLCO stock hit a 19-month high of 14.46. Shares pared gains to up 2.7% at 13.88, but still topped a 13.65 handle buy point.
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