Integrated resorts developer Las Vegas Sands has reported a decline in net revenue for the third quarter of 2024. The company registered $2.68 billion in net revenue for Q3, compared to?$2.80 billion?in the prior year.
The net income for the quarter declined to $353 million from $449 million?last year. Consolidated adjusted property earnings before interest, taxes, depreciation and amortisation (EBITDA) was?$991 million, while the company registered $1.12 billion?in the prior year quarter.
The company bought back $450 million common shares under its share repurchase program for the quarter. The board of directors also announced a $0.20 increase in LVS‘ recurring common stock dividend for the calendar year of 2025, which has raised the annual dividend to $1.0 per share.
In addition, the company has authorised $2 billion of share purchases in the future.
While Marina Bay Sands in Singapore reported an adjusted property EBITDA of $406 million, with a more notable $78 million loss ascribed to poor hold on rolling play, Macao reported an adjusted property EBITDA of $585 million, marginally influenced by a $2 million fall.
CEO comments
“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,” said?Robert G. Goldstein, chairman and chief executive officer.
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.”
He continued, “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.”
Las Vegas Sands‘ capital expenditures totaled $539 million, including construction, development and maintenance activities of?$313 million?in?Macao?and?$215 million?at Marina Bay Sands.
The company reported stronger Q2 earlier in the year, with the revenue increasing by 8.7 percent to $2.76 billion. The quarter’s net income saw a 15.2 percent increase to the previous quarter.
Stay ahead in iGaming!?to SiGMAs Top 10 News and Weekly Newsletter for the latest updates and exclusive offers
