Las Vegas Sands Reports Third Quarter 2024 Results

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For the quarter ended September 30, 2024



Net Revenue of $2.68 billion and Net Income of $353 million



Consolidated Adjusted Property EBITDA of $991 million



Macao Adjusted Property EBITDA of $585 million



Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $2 million



Marina Bay Sands Adjusted Property EBITDA of $406 million



Low Hold on Rolling Play at Marina Bay Sands Negatively Impacted Adjusted Property EBITDA by $78 million



LVS Repurchased $450 million of Common Stock



LVS Board of Directors Authorized $2.0 billion in Future Stock Repurchases



LVS Board of Directors Announced a $0.20 Increase in LVS's Recurring Common Stock Dividend for the 2025 Calendar Year, Raising the Annual Dividend to $1.00 per Share ($0.25 per Share per Quarter)



LVS Acquired $44 million of SCL Stock



LAS VEGAS, Oct. 23, 2024 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended September 30, 2024.



"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. 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," said Robert G. Goldstein, chairman and chief executive officer.



"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. Our new suite product and elevated service offerings position us for growth as travel and tourism spending in Asia expands.



"Our financial strength and industry-leading cash flow continue to 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. The LVS Board of Directors has authorized $2.0 billion of share repurchases in the future and raised our annual dividend to $1.00 per share for the 2025 calendar year. We look forward to utilizing our share repurchase and dividend programs to continue to return excess capital to stockholders."



Net revenue was $2.68 billion, compared to $2.80 billion in the prior year quarter. Operating income was $504 million, compared to $688 million in the prior year quarter. Net income in the third quarter of 2024 was $353 million, compared to $449 million in the third quarter of 2023.



Consolidated adjusted property EBITDA was $991 million, compared to $1.12 billion in the prior year quarter.



Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL decreased 1.0% to $1.77 billion, compared to the third quarter of 2023. Net income for SCL was $268 million, compared to $231 million in the third quarter of 2023.



Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $179 million for the third quarter of 2024, compared to $200 million in the prior year quarter. Our weighted average borrowing cost was 5.1% during the third quarter of 2024, compared to 5.4% during the third quarter of 2023.



Our effective income tax rate for the third quarter of 2024 was 12.4%, compared to 21.4% in the prior year quarter. The income tax rate for the third quarter of 2024 was primarily driven by a 17% statutory rate on our Singapore operations.



Stockholder Returns

During the third quarter of 2024, we repurchased $450 million of our common stock (approximately 11 million shares at a weighted average price of $39.36). The remaining amount authorized under our share repurchase program was $195 million as of September 30, 2024. Subsequently, on October 22, 2024, the company's Board of Directors authorized increasing the remaining share repurchase amount of $195 million to $2.0 billion and extending the expiration date of this authorization to November 3, 2026. 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 SCL common stock that was completed in October 2024. As a result of the transaction, the company will receive 23.4 million shares of SCL common stock, increasing its ownership percentage to 71.31%.



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 November 13, 2024, to Las Vegas Sands stockholders of record on November 5, 2024.



Balance Sheet Items

Unrestricted cash balances as of September 30, 2024 were $4.21 billion.



The company has access to $4.47 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of September 30, 2024, total debt outstanding, excluding finance leases and financed purchases, was $13.88 billion.



On October 23, 2024, SCL entered into a new facility agreement, the 2024 SCL Credit Facility, which provides for a 19.50 billion Hong Kong dollars ("HKD," approximately $2.51 billion at exchange rates in effect on October 23, 2024) unsecured revolving credit facility (the "2024 SCL Revolving Facility") and makes available an HKD 12.95 billion (approximately $1.67 billion at exchange rates in effect on October 23, 2024) unsecured term loan facility (the "2024 SCL Term Loan Facility"). SCL may draw under the 2024 SCL Revolving Facility for general corporate and working capital requirements and under the 2024 SCL Term Loan Facility for the purpose of repaying amounts outstanding under SCL's unsecured 5.125% Senior Notes due August 2025. In connection with entering into the 2024 SCL Credit Facility, the commitments under SCL's existing amended and restated credit facility agreement, the 2018 SCL Credit Facility, were terminated.



Capital Expenditures

Capital expenditures during the third quarter totaled $539 million, including construction, development and maintenance activities of $313 million in Macao and $215 million at Marina Bay Sands.