Las Vegas Sands Reports Fourth Quarter 2023 Results
Jan 24, 2024 18:39:28 GMT -5
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Post by twentyninepalms on Jan 24, 2024 18:39:28 GMT -5
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For the quarter ended December 31, 2023 (Compared to the quarter ended December 31, 2022)
Net Revenue of $2.92 billion and Net Income of $469 million
Consolidated Adjusted Property EBITDA Reached $1.20 billion
Macao Adjusted Property EBITDA of $654 million
Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $40 million
Marina Bay Sands Adjusted Property EBITDA of $544 million
High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $71 million
LVS Repurchased $505 million of Company Stock
LVS Acquiring Approximately $250 million of SCL Stock
LAS VEGAS, Jan. 24, 2024 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended December 31, 2023.
"We were extremely pleased with our financial and operating results for the quarter, which reflect the ongoing improvement in the operating environment in both Macao and Singapore. We remain deeply enthusiastic about our opportunities for growth in both Macao and Singapore in the years ahead," said Robert G. Goldstein, chairman and chief executive officer.
"In Macao, the ongoing recovery across all segments continued during the quarter. 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 ongoing recovery in travel and tourism spend progresses.
"In Singapore, Marina Bay Sands once again delivered outstanding levels of financial and operating performance. Our new suite product and elevated service offerings position us well as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues to advance.
"We are fortunate that our financial strength supports our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets, and the return of capital to stockholders.
"We repurchased $505 million LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to return excess capital to stockholders in the future. In addition, we entered into an agreement during the quarter to purchase approximately $250 million of Sands China stock, which, upon settlement of the agreement, is expected to increase our ownership interest in Sands China."
Net revenue was $2.92 billion, an increase of 161.0% from the prior year quarter. Operating income was $710 million, compared to an operating loss of $166 million in the prior year quarter. Net income from continuing operations in the fourth quarter of 2023 was $469 million, compared to a net loss from continuing operations of $269 million in the fourth quarter of 2022.
Consolidated adjusted property EBITDA was $1.20 billion, compared to $222 million in the prior year quarter.
Full year 2023 operating income was $2.31 billion, compared to an operating loss of $792 million in 2022. Net income from continuing operations was $1.43 billion, or $1.62 per diluted share, in 2023. This compared to a net loss of $1.54 billion, or $1.40 per diluted share, in 2022.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 323% to $1.86 billion, compared to the fourth quarter of 2022. Net income for SCL was $288 million, compared to a net loss of $348 million in the fourth quarter of 2022.
On a GAAP basis, 2023 total net revenues for SCL increased 307% to $6.53 billion, compared to 2022. Net income for SCL was $696 million in 2023, compared to a net loss of $1.58 billion in 2022.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $190 million for the fourth quarter of 2023, compared to $201 million in the prior year quarter. Our weighted average borrowing cost was 5.2% during the fourth quarter of 2023 and 2022.
Our effective income tax rate for the fourth quarter of 2023 was 20.8%, compared to 6.3% in the prior year quarter. The income tax rate for the fourth quarter of 2023 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns
During the fourth quarter of 2023, we repurchased $505 million of our common stock (approximately 11 million shares at a weighted average price of $45.40). The remaining amount authorized under our share repurchase program is $1.50 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
We also entered into an agreement to purchase approximately $250 million of SCL common stock that will be completed in the first half of 2024.
We paid a quarterly dividend of $0.20 per common share during the quarter. We announced our next quarterly dividend of $0.20 per common share will be paid on February 14, 2024, to Las Vegas Sands stockholders of record on February 6, 2024.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2023 were $5.11 billion.
The company has access to $4.44 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of December 31, 2023, total debt outstanding, excluding finance leases and financed purchases, was $14.01 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $325 million, including construction, development and maintenance activities of $184 million at Marina Bay Sands, $109 million in Macao and $32 million in corporate, development and other.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January 24, 2024 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the world's preeminent developer and operator of world-class Integrated Resorts...
For the quarter ended December 31, 2023 (Compared to the quarter ended December 31, 2022)
Net Revenue of $2.92 billion and Net Income of $469 million
Consolidated Adjusted Property EBITDA Reached $1.20 billion
Macao Adjusted Property EBITDA of $654 million
Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $40 million
Marina Bay Sands Adjusted Property EBITDA of $544 million
High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $71 million
LVS Repurchased $505 million of Company Stock
LVS Acquiring Approximately $250 million of SCL Stock
LAS VEGAS, Jan. 24, 2024 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended December 31, 2023.
"We were extremely pleased with our financial and operating results for the quarter, which reflect the ongoing improvement in the operating environment in both Macao and Singapore. We remain deeply enthusiastic about our opportunities for growth in both Macao and Singapore in the years ahead," said Robert G. Goldstein, chairman and chief executive officer.
"In Macao, the ongoing recovery across all segments continued during the quarter. 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 ongoing recovery in travel and tourism spend progresses.
"In Singapore, Marina Bay Sands once again delivered outstanding levels of financial and operating performance. Our new suite product and elevated service offerings position us well as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues to advance.
"We are fortunate that our financial strength supports our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets, and the return of capital to stockholders.
"We repurchased $505 million LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to return excess capital to stockholders in the future. In addition, we entered into an agreement during the quarter to purchase approximately $250 million of Sands China stock, which, upon settlement of the agreement, is expected to increase our ownership interest in Sands China."
Net revenue was $2.92 billion, an increase of 161.0% from the prior year quarter. Operating income was $710 million, compared to an operating loss of $166 million in the prior year quarter. Net income from continuing operations in the fourth quarter of 2023 was $469 million, compared to a net loss from continuing operations of $269 million in the fourth quarter of 2022.
Consolidated adjusted property EBITDA was $1.20 billion, compared to $222 million in the prior year quarter.
Full year 2023 operating income was $2.31 billion, compared to an operating loss of $792 million in 2022. Net income from continuing operations was $1.43 billion, or $1.62 per diluted share, in 2023. This compared to a net loss of $1.54 billion, or $1.40 per diluted share, in 2022.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 323% to $1.86 billion, compared to the fourth quarter of 2022. Net income for SCL was $288 million, compared to a net loss of $348 million in the fourth quarter of 2022.
On a GAAP basis, 2023 total net revenues for SCL increased 307% to $6.53 billion, compared to 2022. Net income for SCL was $696 million in 2023, compared to a net loss of $1.58 billion in 2022.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $190 million for the fourth quarter of 2023, compared to $201 million in the prior year quarter. Our weighted average borrowing cost was 5.2% during the fourth quarter of 2023 and 2022.
Our effective income tax rate for the fourth quarter of 2023 was 20.8%, compared to 6.3% in the prior year quarter. The income tax rate for the fourth quarter of 2023 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns
During the fourth quarter of 2023, we repurchased $505 million of our common stock (approximately 11 million shares at a weighted average price of $45.40). The remaining amount authorized under our share repurchase program is $1.50 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
We also entered into an agreement to purchase approximately $250 million of SCL common stock that will be completed in the first half of 2024.
We paid a quarterly dividend of $0.20 per common share during the quarter. We announced our next quarterly dividend of $0.20 per common share will be paid on February 14, 2024, to Las Vegas Sands stockholders of record on February 6, 2024.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2023 were $5.11 billion.
The company has access to $4.44 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of December 31, 2023, total debt outstanding, excluding finance leases and financed purchases, was $14.01 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $325 million, including construction, development and maintenance activities of $184 million at Marina Bay Sands, $109 million in Macao and $32 million in corporate, development and other.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January 24, 2024 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the world's preeminent developer and operator of world-class Integrated Resorts...
