Las Vegas Sands has disclosed its financial performance for the quarter ending 31 March 2024.
During the first quarter of 2024, Las Vegas Sands recorded net revenue of $2.96bn, accompanied by net income of $583m. The company's consolidated adjusted property EBITDA reached $1.21bn.
In Macau, adjusted property EBITDA amounted to $610m. Despite encountering challenges such as low hold on rolling play, resulting in a negative impact of $31m on adjusted property EBITDA, the region displayed resilience and ongoing growth.
Conversely, Marina Bay Sands in Singapore reported adjusted property EBITDA of $597m, benefiting from a high hold on rolling play, which contributed an additional $77m to adjusted property EBITDA.
Las Vegas Sands prioritised shareholder returns during the quarter by repurchasing approximately $450m of common stock.
Robert G Goldstein, Las Vegas Sands Chairman and CEO, said: "We were pleased with our financial and operating results for the quarter, which reflect strong growth in both Macao and Singapore. We remain deeply enthusiastic about our opportunities to deliver growth in both markets in the years ahead, as we execute our substantial capital investment programs in both Macao and Singapore."
The report also provides insights into Sands China's financial performance, with total net revenues increasing by 42% to $1.80bn compared to the same period in 2023. Sands China reported a net income of $297m.
Other notable factors affecting earnings include interest expense and income tax rates. Interest expense for the first quarter of 2024 decreased compared to the prior year quarter, while the effective income tax rate was 2.8%, primarily driven by statutory rates in Singapore and finalised tax agreements in Macao.
This report builds upon previous news regarding Las Vegas Sands' financial performance, including its Q4 2023 revenue of $2.92bn, which represented a significant increase year-on-year but remained below pre-Covid levels.
