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Las Vegas Sands reports 4.3% Q3 2024 revenue decline; net income falls 21.4%

Despite lower revenues and earnings, Las Vegas Sands authorised $2bn in future share buybacks and increased its dividend for 2025.

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Key points: 

- Las Vegas Sands reported a 4.3% year-on-year drop in net revenue to $2.68bn for Q3 2024

- Net income decreased by 21.4% to $353m in Q3 2024

- The company repurchased $450m in stock and authorised $2bn in future buybacks

Las Vegas Sands announced its Q3 2024 financial results, reporting a 4.3% year-on-year decline in net revenue to $2.68bn. 

The company's net income for Q3 2024 dropped by 21.4% to $353m. Consolidated adjusted property EBITDA stood at $991m, reflecting an 11.5% decrease.

Performance across its major properties showed mixed results. Macao recorded an adjusted property EBITDA of $585m, slightly impacted by a $2m reduction, while in Singapore, Marina Bay Sands posted an adjusted property EBITDA of $406m, with a more significant $78m decline attributed to low hold on rolling play.

Robert Goldstein, Las Vegas Sands Chairman and CEO, said: “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.” 

Good to know: As of 30 September 2024, Las Vegas Sands reported $4.21bn in unrestricted cash balances and access to $4.47bn through revolving credit facilities.

Las Vegas Sands continued its share repurchase program, buying back $450m in stock during the third quarter. The company also announced that its Board of Directors authorised $2bn in additional share repurchases and raised the annual dividend to $1.00 per share for 2025, increasing the quarterly dividend to $0.25 per share.

In terms of capital expenditure, Las Vegas Sands invested $539m in Q3 2024, including $313m towards ongoing development in Macao and $215m for Marina Bay Sands in Singapore.

Earlier in the year, the company reported stronger figures, with Q2 2024 revenue increasing by 8.7% year-on-year to $2.76bn. Net income for that quarter also saw a 15.2% increase compared to Q2 2023.


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