Las Las Vegas Vegas Sands Reports First Quarter 2024 Results
Apr 17, 2024 15:10:41 GMT -5
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April 17, 2024
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(OPENS IN NEW WINDOW)Las Vegas Sands Reports First Quarter 2024 Results
For the quarter ended March 31, 2024
Net Revenue of $2.96 billion and Net Income of $583 million
Consolidated Adjusted Property EBITDA Reached $1.21 billion
Macao Adjusted Property EBITDA of $610 million
Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $31 million
Marina Bay Sands Adjusted Property EBITDA of $597 million
High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $77 million
LVS Repurchased approximately $450 million of Common Stock
LAS VEGAS, April 17, 2024 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended March 31, 2024.
"We were pleased with our financial and operating results for the quarter, which reflect strong growth in both Macao and Singapore. We remain deeply enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead, as we execute our substantial capital investment programs in both Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer.
"In Macao, the ongoing recovery 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 recovery in travel and tourism spending progresses.
"In Singapore, Marina Bay Sands once again delivered record levels of financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as airlift capacity continues to improve and travel and tourism spending in Asia continues to advance.
"Our financial strength and industry-leading cash flow 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.
"We repurchased $450 million LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders in the future."
Net revenue was $2.96 billion, compared to $2.12 billion in the prior year quarter. Operating income was $717 million, compared to $378 million in the prior year quarter. Net income in the first quarter of 2024 was $583 million, compared to $145 million in the first quarter of 2023.
Consolidated adjusted property EBITDA was $1.21 billion, compared to $792 million in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 42% to $1.80 billion, compared to the first quarter of 2023. Net income for SCL was $297 million, compared to a net loss of $10 million in the first quarter of 2023.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $182 million for the first quarter of 2024, compared to $218 million in the prior year quarter. Our weighted average borrowing cost was 5.0% during the first quarter of 2024 compared to 5.4% during the first quarter of 2023.
Our effective income tax rate for the first quarter of 2024 was 2.8%, compared to 25.6% in the prior year quarter. The income tax rate for the first quarter of 2024 was primarily driven by a 17% statutory rate on our Singapore operations and favorably impacted by the finalization of tax agreements in Macao.
Stockholder Returns
During the first quarter of 2024, we repurchased $450 million of our common stock (approximately 9 million shares at a weighted average price of $52.47). The remaining amount authorized under our share repurchase program is $1.05 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 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 May 15, 2024, to Las Vegas Sands stockholders of record on May 7, 2024.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2024 were $4.96 billion.
The company has access to $4.43 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of March 31, 2024, total debt outstanding, excluding finance leases and financed purchases, was $13.94 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled $196 million, including construction, development and maintenance activities of $99 million at Marina Bay Sands, $90 million in Macao and $7 million in corporate, development and other.
April 17, 2024
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(OPENS IN NEW WINDOW)Las Vegas Sands Reports First Quarter 2024 Results
For the quarter ended March 31, 2024
Net Revenue of $2.96 billion and Net Income of $583 million
Consolidated Adjusted Property EBITDA Reached $1.21 billion
Macao Adjusted Property EBITDA of $610 million
Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $31 million
Marina Bay Sands Adjusted Property EBITDA of $597 million
High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $77 million
LVS Repurchased approximately $450 million of Common Stock
LAS VEGAS, April 17, 2024 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended March 31, 2024.
"We were pleased with our financial and operating results for the quarter, which reflect strong growth in both Macao and Singapore. We remain deeply enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead, as we execute our substantial capital investment programs in both Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer.
"In Macao, the ongoing recovery 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 recovery in travel and tourism spending progresses.
"In Singapore, Marina Bay Sands once again delivered record levels of financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as airlift capacity continues to improve and travel and tourism spending in Asia continues to advance.
"Our financial strength and industry-leading cash flow 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.
"We repurchased $450 million LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders in the future."
Net revenue was $2.96 billion, compared to $2.12 billion in the prior year quarter. Operating income was $717 million, compared to $378 million in the prior year quarter. Net income in the first quarter of 2024 was $583 million, compared to $145 million in the first quarter of 2023.
Consolidated adjusted property EBITDA was $1.21 billion, compared to $792 million in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 42% to $1.80 billion, compared to the first quarter of 2023. Net income for SCL was $297 million, compared to a net loss of $10 million in the first quarter of 2023.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $182 million for the first quarter of 2024, compared to $218 million in the prior year quarter. Our weighted average borrowing cost was 5.0% during the first quarter of 2024 compared to 5.4% during the first quarter of 2023.
Our effective income tax rate for the first quarter of 2024 was 2.8%, compared to 25.6% in the prior year quarter. The income tax rate for the first quarter of 2024 was primarily driven by a 17% statutory rate on our Singapore operations and favorably impacted by the finalization of tax agreements in Macao.
Stockholder Returns
During the first quarter of 2024, we repurchased $450 million of our common stock (approximately 9 million shares at a weighted average price of $52.47). The remaining amount authorized under our share repurchase program is $1.05 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 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 May 15, 2024, to Las Vegas Sands stockholders of record on May 7, 2024.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2024 were $4.96 billion.
The company has access to $4.43 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of March 31, 2024, total debt outstanding, excluding finance leases and financed purchases, was $13.94 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled $196 million, including construction, development and maintenance activities of $99 million at Marina Bay Sands, $90 million in Macao and $7 million in corporate, development and other.