Las Vegas Sands has unveiled its financial results for the fourth quarter of 2024, showing mixed outcomes. The company’s Q4 2024 net revenue reached $2.9 billion, a slight decline of 0.7% from the previous year. Despite the drop in revenue, Las Vegas Sands remains optimistic about long-term growth, especially in key markets like Macao and Singapore.
Q4 2024 Financial Performance
Operating income for Q4 2024 decreased by 16.9% year-over-year, totaling $590 million. Likewise, net income also experienced a downturn, falling by 16.4% to $392 million. The company’s adjusted property EBITDA stood at $1.11 billion, a 7.5% drop compared to the same period last year.
However, Las Vegas Sands’ Chairman and CEO, Robert Goldstein, emphasized the company’s commitment to its strategic objectives. “We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets,” he stated.
Goldstein also noted that the company’s “financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”
Sands China and Marina Bay Sands
Sands China reported a Q4 2024 net revenue of $1.76 billion, down 5% from last year, with net income falling by 17.7% to $237 million. In contrast, Macao’s adjusted property EBITDA stood at $571 million, impacted by a $22 million decrease from a low hold on rolling play. Meanwhile, Marina Bay Sands saw positive results with adjusted property EBITDA of $537 million, benefiting from a $2 million increase due to a high hold on rolling play.
In line with its growth strategy, Las Vegas Sands repurchased $450 million of its common stock and $250 million of Sands China stock, raising its ownership in Sands China to 72.3%.
Looking at full-year results, Las Vegas Sands reported operating income of $2.4 billion for FY 2024, a 3.9% increase from the prior year. Net income also grew by 18.9% to $1.45 billion. Sands China achieved impressive gains with net revenue of almost $7.1 billion, up by 8.4%, and net income of $1.1 billion, reflecting a significant 50.9% increase.
Capital expenditures for Q4 2024 totaled $547 million, including substantial investments in Macao and Marina Bay Sands. Despite the short-term challenges, Las Vegas Sands remains focused on expanding its global presence and capitalizing on key opportunities in Asia.
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