The third quarter of 2024 financial results for Las Vegas Sands showed drops in operating income, net income, and net revenue. In spite of these obstacles, the business made large stock purchases, purchasing $450 million worth of ordinary stock and $44 million worth of shares of Sands China Limited (SCL) during the quarter.
Financial Overview, Key Figures
For Q3 2024, Las Vegas Sands reported net revenue of $2.68 billion, a 4.3% drop compared to the previous year. Net income also took a hit, decreasing by 21.4% to $353 million. Adjusted property EBITDA was adversely affected in both Macao and Marina Bay Sands due to “low holds on rolling play.” Macao faced a loss of $2 million, while Marina Bay Sands experienced a significant $78 million impact.
Las Vegas Sands Chairman and CEO Robert Goldstein addressed the performance in the announcement, stating, “Although our reported financial results for the quarter reflected lower than expected hold in Singapore and the impact of disruption from our ongoing development work at the Londoner in Macao, we continued to execute our strategic objectives during the quarter.” He emphasized the company’s commitment to growth, saying, “We remain enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead as we execute our capital investment programs in both Macao and Singapore.”
Challenges and Recovery Prospects
Consolidated adjusted property EBITDA fell by 11.5% year-over-year, totaling $991 million for Q3 2024. Operating income also declined significantly, dropping 26.7% to $504 million. SCL reported a 1% decrease in total net revenues, amounting to $1.77 billion, though net income rose from $231 million to $268 million compared to the same quarter last year.
Goldstein highlighted the ongoing recovery in Macao, noting that “visitation to the market remains below the levels reached prior to the pandemic.” He remains optimistic about the future, asserting that investments aimed at enhancing Macao’s appeal as a business and leisure destination position the company well for the ongoing recovery. “In Singapore, although Marina Bay Sands was negatively impacted by low hold this quarter, the property continued to deliver outstanding financial and operating performance,” he added.
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