Las Vegas Sands (LVS) Q3 2024 earnings summary

Executive summary

• Q3 2024 net revenue was $2.68B, down 4% year-over-year, with net income of $353M, while nine-month net income rose 41.5% to $1.36B, driven by strong Macao and Singapore operations.

• Macao and Singapore delivered robust mass gaming growth, with Macao's premium segment recovering and Singapore benefiting from high-value tourism and product upgrades.

• Major capital investment programs in Macao and Singapore are progressing, with new suites and amenities coming online through 2025 and Marina Bay Sands expansion targeted for 2030.

• $450M in stock repurchases completed in Q3; board authorized $2.0B in future repurchases and increased annual dividend to $1.00 per share for 2025.

• Strong liquidity with $4.21B in unrestricted cash and $4.47B in available credit as of September 30, 2024.

Financial highlights

• Q3 2024 net revenues: $2.68B (down 4% year-over-year); net income: $353M (down from $449M); adjusted property EBITDA: $991M (down 11.7%).

• Macao adjusted property EBITDA was $585M; Marina Bay Sands $406M, both impacted by low hold on rolling play.

• Adjusted net income attributable to LVS: $323M; adjusted EPS: $0.44.

• SCL net revenues decreased 1% to $1.77B; SCL net income rose to $268M.

• Operating expenses for Q3 2024: $2.18B (up 3.4% year-over-year).

Outlook and guidance

• Major capital projects in Macao and Singapore are progressing, with substantial completions expected in 2025 and 2030, respectively.

• Board increased annual dividend to $1.00 per share for 2025 and extended share repurchase program to November 2026.

• Management expects to support ongoing operations and construction with current liquidity.

• IR2 at Marina Bay Sands is expected to be a major growth driver, targeting the premium mass segment and projected to add over $1B in EBITDA.