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Las Vegas Sands Corp. Reports Mixed Q3 Results Amid Recovering Gaming Market in Macau

Strategic Insights

— 1 min read

Las Vegas Sands Corp. (LVS) has released its third-quarter financial results for 2024, showcasing a complex revenue performance picture in Macau. The company's total revenue stood at USD2.68 billion (MOP 21.4 billion), a decline of 4% year-on-year, which fell short of analysts' expectations by nearly 4%. The results underscore LVS's challenges in navigating post-pandemic recovery, while investing heavily in its properties. The company's net income for the quarter was USD353 million (MOP2.82 billion), a 21.4% decline from the previous year.

Key Takeaways:

  • LVS's Macau operations generated net revenues of USD1.77 billion (MOP14.2 billion), a 1% decrease from the same period last year.
  • The Parisian Macao reported a year-over-year increase of 2.5% in net revenues, reaching USD250 million (MOP2 billion), although slightly below expectations.
  • The Londoner Macao experienced a decline of 11.2% in revenues, with net revenues reaching USD460 million (MOP3.68 billion).
  • LVS's ferry operations and other segments surpassed expectations, generating USD31 million against an estimated USD21 million (MOP167 million).
  • Robert G. Goldstein, chairman and CEO of LVS, emphasized the company's commitment to strategic investments, despite current challenges.
  • The company has committed to significant capital investments to enhance its properties and attract high-value tourists.
  • LVS repurchased USD450 million (MOP3.6 billion) worth of its stock during the quarter and raised its annual dividend to USD1 per share for 2025.

Statistics:

  • LVS's total revenue was USD2.68 billion (MOP 21.4 billion), a decline of 4% year-on-year.
  • The company's net income for the quarter was USD353 million (MOP2.82 billion), a 21.4% decline from the previous year.
  • LVS's earnings per share (EPS) fell to USD0.44, compared to USD0.55 in Q3 2023.
  • Consolidated adjusted property EBITDA was reported at USD991 million (MOP7.92 billion), reflecting an 11.5% decline from the prior year.
  • Macau EBITDA was USD585 million (MOP4.7 billion), which would have been higher by USD2 million (MOP16 million) if expected hold on rolling play had been achieved.

Sources:

  • "Las Vegas Sands Corp. Reports Q3 2024 Financial Results" (no date or publication date provided)
  • "Robert G. Goldstein, Chairman and CEO of Las Vegas Sands Corp., comments on Q3 2024 results" (no date or publication date provided)
  • "Las Vegas Sands Corp. Announces Repurchase of Shares and Increase in Annual Dividend" (no date or publication date provided)

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