Las Vegas Sands Reports Mixed Q3 Results, Stronger Nine-Month Performance

Las Vegas Sands Corp. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period.

For the three months ended September 30, 2024, net revenues decreased to $2,682 million, down from $2,795 million in the same period of 2023. Operating income also fell to $504 million from $688 million, while net income decreased to $353 million from $449 million. Basic earnings per share for the quarter were $0.38, compared to $0.50 in the prior year. In contrast, for the nine months ended September 30, 2024, net revenues increased to $8,402 million, up from $7,457 million, with net income rising to $1,360 million from $962 million, reflecting a significant improvement in profitability.

The company's performance in Macao was mixed, with total net casino revenues for the three months ending September 30, 2024, at $1,936 million, down from $2,008 million in the same period last year. However, for the nine-month period, casino revenues increased to $6,199 million from $5,411 million, driven by higher visitation and gaming activity. Notably, total visitation from mainland China to Macao rose approximately 36.3% year-over-year, contributing to a 31.3% increase in gross gaming revenue in the region.

Las Vegas Sands also made strategic investments, including a financial commitment of approximately $4.47 billion for capital and operating projects in Macao through 2032, with a focus on non-gaming initiatives. The company is currently engaged in the ongoing Phase II renovations of The Londoner Macao, with an estimated cost of $1.2 billion, expected to be completed in early 2025. Additionally, the Londoner Grand casino opened on September 26, 2024, featuring newly renovated accommodations.

In terms of capital management, the company repurchased approximately 28.7 million shares for $1.31 billion during the nine months ended September 30, 2024, and declared a quarterly dividend of $0.20 per share, totaling $446 million for the period. The Board of Directors has authorized an increase in the share repurchase program from $195 million to $2.0 billion, extending the expiration date to November 3, 2026.

Financially, Las Vegas Sands reported total assets of $21,354 million as of September 30, 2024, a slight decrease from $21,778 million at the end of 2023. Cash and cash equivalents were reported at $4,208 million, down from $5,105 million. The company’s long-term debt decreased to $11,284 million from $12,129 million, while current liabilities increased to $5,350 million from $4,422 million.

Overall, while Las Vegas Sands experienced a decline in quarterly revenues and operating income, it showed strong growth in net income for the nine-month period, supported by increased gaming activity in Macao and strategic investments in its properties.