Las Vegas Sands (LVS) stock is soaring 5.00% in Thursday's trading session, following the company's better-than-expected first-quarter earnings report. The casino operator's strong performance in Singapore helped offset challenges in its Macao operations, leading to a positive market reaction despite several analysts cutting their target prices.

The company reported an adjusted profit of 59 cents per share for Q1, surpassing analysts' estimates of 57 cents per share. While total revenue of $2.86 billion fell slightly short of the expected $2.89 billion, investors were impressed by the record performance in Singapore. Marina Bay Sands achieved an extraordinary $605 million in adjusted property EBITDA, with mass gaming revenue growing 73% compared to Q1 2019 and 13% sequentially.

However, Las Vegas Sands faced headwinds in Macao, where EBITDA margins declined by 280 basis points compared to the previous year. The company is betting on the recently completed refurbishment of the Londoner Grand, adding 2,405 rooms and suites, to drive future revenue and cash flow growth in the region. Despite the challenges, LVS remains committed to its shareholder return strategy, repurchasing $450 million of its stock during the quarter and increasing its share repurchase authorization to $2 billion. This move, along with the maintained quarterly dividend of $0.25 per share, signals management's confidence in the company's financial position and future prospects.