#United States #Las Vegas #Macao #Las Vegas Sands #Marina Bay Sands

Las Vegas Sands Reports Fourth Quarter 2024 Results

Las Vegas Sands Corp. (NYSE: LVS) announced its financial results for the fourth quarter of 2024, which concluded on December 31. The company recorded a net revenue of $2.90 billion, representing a 0.7% decrease from the same quarter in 2023. Despite the dip in revenue, net income for the quarter was reported at $392 million, down from $469 million a year earlier.

Financial Highlights

The highlights of the quarter include the following:

• - Net Revenue: $2.90 billion (down 0.7% year-over-year)
• - Net Income: $392 million (down from $469 million in Q4 2023)
• - Adjusted Property EBITDA: $1.11 billion (compared to $1.20 billion the previous year)

Performance by Region

In Macao, the recovery from previous market downturns continues although the spend per visitor remains lower than pre-pandemic levels. The Adjusted Property EBITDA from Macao stood at $571 million, indicating challenges with rolling play which negatively impacted EBITDA by $22 million.

On the other hand, Marina Bay Sands in Singapore gave a positive outcome with its Adjusted Property EBITDA reaching $537 million, reflecting a slight gain due to high rolling play. The continuous appeal of Marina Bay Sands as a premier leisure destination is evident in its financial performance.

Strategic Investments and Stockholder Returns

The Las Vegas Sands Corp. reaffirmed its commitment to enhancing its properties and capitalizing on growth opportunities in both Macao and Singapore. The company repurchased $450 million of its common stock during the quarter and also acquired $250 million of Sands China Ltd. stock, increasing its ownership to 72.3%.

Chairman and CEO Robert G. Goldstein expressed enthusiasm regarding future growth, signaling confidence in both Macao's and Singapore’s tourism recovery trajectories. He stated, 'Our financial strength and industry-leading cash flow support our ongoing investment and capital expenditure programs.'

Looking Ahead

For the entirety of 2024, Las Vegas Sands reported an operating income of $2.40 billion, slightly up from $2.31 billion in 2023. The company remains focused on maintaining its momentum by continuing capital investments while also ensuring a robust return of capital to shareholders through dividends and share repurchases. The next quarterly dividend is set at $0.25 per share, payable on February 19, 2025.

The ongoing economic challenges faced in the travel sector, particularly in Macao, highlight the need for strategic innovation and operational efficiency. Las Vegas Sands is poised to navigate these challenges effectively while maintaining its market-leading position in the integrated resort industry through targeted investments and shareholder engagement.

Las Vegas Sands continues to adapt to the shifting market dynamics, emphasizing that the company's long-standing commitment to enhancing tourism and leisure experiences remains intact as they look ahead to a promising 2025.

For further updates, interested parties can join the conference call scheduled to discuss these results on January 29, 2025.

About Las Vegas Sands

Las Vegas Sands is a leading global developer and operator of integrated resorts known for its world-class properties such as Marina Bay Sands in Singapore and several flagship establishments in Macao including The Venetian Macao and The Parisian Macao. The company remains steadfast in its dedication to corporate responsibility and sustainability, contributing significantly to the communities it operates in.