Las Vegas Sands (LVS) Q4 2024 earnings summary

Executive summary

• Macau and Singapore delivered strong Q4 2024 results, with Macau gaming revenue up 6% year-over-year and Marina Bay Sands achieving $537 million in adjusted property EBITDA; the company continues to invest in high-quality, large-scale assets and shareholder returns.

• Net revenue for Q4 2024 was $2.90 billion, down 0.7% year-over-year; net income was $392 million, down from $469 million in Q4 2023.

• Consolidated adjusted property EBITDA was $1.11 billion, compared to $1.20 billion in the prior year quarter.

• Shareholder returns prioritized through $450 million in share repurchases and $145 million in dividends in Q4 2024.

• The Londoner Grand Casino opened in late September, with room inventory ramping up through May 2025.

Financial highlights

• Q4 2024 net revenue was $2.90 billion; net income was $392 million; adjusted property EBITDA was $1.11 billion; margin decreased to 38.3% from 41.1%.

• Macau EBITDA was $571 million for Q4 2024; adjusted for lower-than-expected hold, EBITDA margin (excluding the Londoner) was 35.1%.

• Marina Bay Sands adjusted property EBITDA was $537 million, margin 47.2%.

• Turnover rents in Macau were $27 million lower than Q4 2023, mainly due to lower retail sales at Four Seasons Mall.

• TTM Adjusted Property EBITDA was $4.38 billion; cash flow from operations was $3.20 billion.

Outlook and guidance

• Ongoing investments in Macau and Singapore are expected to drive growth in 2025 and beyond, with full Londoner room inventory operational by May 2025 and Marina Bay Sands suite renovation to complete in Q2 2025.

• Macau gross gaming revenue is expected to exceed $30 billion in 2025, with continued growth anticipated.

• Increased quarterly dividend to $0.25 per share to be paid in February 2025.

• Management remains positive on growth prospects in Macau and Singapore, supported by ongoing capital investment programs.