Post by Blitz on Oct 24, 2024 7:11:11 GMT -5
Low hold in Singapore and construction at Londoner drive down Las Vegas Sands 3Q24 results
By Kelsey Wilhelm - October 24, 2024
agbrief.com/news/macau/24/10/2024/low-hold-in-singapore-and-construction-at-londoner-drive-down-las-vegas-sands-3q24-results/
“Lower than expected hold in Singapore and the impact of disruption from […] ongoing development work at the Londoner” brought down Las Vegas Sands’ results in the third quarter, according to its most recent financials.
The group saw annual drops in most of its Macau properties, except for Parisian and The Plaza and Four Seasons, while revenue from Marina Bay Sands also retracted slightly.
Overall casino revenue group-wide still totaled $1.93 billion, down by 3.6 percent yearly, while overall group net revenue hit $2.68 billion, a 4 percent drop.
Net income for the group totaled just $353 million, compared to $449 million in 3Q23, while consolidated property EBITDA fell to $991 million, from $1.12 billion in 3Q23.
During the quarter, revenues from The Venetian contracted by 4.3 percent – to $692 million. The Londoner similarly experienced a decline, attributed to ongoing construction, with a yearly drop of 11.2 percent to $460 million, a scenario predicted by analysts at the beginning of the quarter.
By Kelsey Wilhelm - October 24, 2024
agbrief.com/news/macau/24/10/2024/low-hold-in-singapore-and-construction-at-londoner-drive-down-las-vegas-sands-3q24-results/
“Lower than expected hold in Singapore and the impact of disruption from […] ongoing development work at the Londoner” brought down Las Vegas Sands’ results in the third quarter, according to its most recent financials.
The group saw annual drops in most of its Macau properties, except for Parisian and The Plaza and Four Seasons, while revenue from Marina Bay Sands also retracted slightly.
Overall casino revenue group-wide still totaled $1.93 billion, down by 3.6 percent yearly, while overall group net revenue hit $2.68 billion, a 4 percent drop.
Net income for the group totaled just $353 million, compared to $449 million in 3Q23, while consolidated property EBITDA fell to $991 million, from $1.12 billion in 3Q23.
During the quarter, revenues from The Venetian contracted by 4.3 percent – to $692 million. The Londoner similarly experienced a decline, attributed to ongoing construction, with a yearly drop of 11.2 percent to $460 million, a scenario predicted by analysts at the beginning of the quarter.