Las Vegas Sands net income decreases 21.4% for Q3 2024
The operator repurchased $450m in common stock and acquired $44m of SCL stock during the quarter.
Key Points
- The company reported a Q3 2024 net revenue of $2.68bn and a net income of $353m
- Low holds on rolling play were said to impact adjusted property EBITDA in Macao and for Marina Bay Sands
Las Vegas Sands has announced the operator’s financial results for the third quarter of 2024, including decreases in net income and net revenue as well as operating income throughout the quarter. Along with those results, the company also announced that it had repurchased $450m in common stock and acquired $44m in Sands China Limited (SCL) stock during the third quarter.
“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,” Las Vegas Sands Chairman and CEO Robert Goldstein said.
“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.”
Net revenue decreased 4.3% from the prior year period to generate $2.68bn for Q3 2024, while net income decreased 21.4% from the third quarter of 2024 for a total of $353m during Q3 2024.
Adjusted property EBITDA in both Macao and Marina Bay Sands were negatively impacted by “low holds on rolling play” according to Las Vegas Sands, with Macao losing $2m and Marina Bay impacted by $78m.
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Goldstein explained the losses in the third quarter announcement, having said, “In Macao, the ongoing recovery continued during the quarter, although visitation to the market remains below the levels reached prior to the pandemic. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.
“In Singapore, although Marina Bay Sands was negatively impacted by low hold this quarter, the property continued to deliver outstanding financial and operating performance.”
Consolidated adjusted property EBITDA decreased by 11.5% from the prior year period to $991m for Q3 2024, while operating income managed to decrease as well by 26.7% to account for $504m during the third quarter of 2024.
Total net revenues for SCL decreased 1% to $1.77bn for Q3 2024, while net income increased from $231m from the prior year period to $268m for the third quarter of 2024.
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