Sands results: Q4 down, FY revenue reaches $11.3bn

Key points:

– FY24 revenue reached $11.3bn, up 8.9%

– Marina Bay Sands saw above-average revenue and adjusted property EBITDA growth compared to its Macau counterparts

– Q4 revenue reached $2.9bn, down 0.7%

Las Vegas Sands has reported its Q4 and FY24 results. For the year, revenue came to $11.3bn, up 8.9% from FY23, while Q4 revenue came to $2.9bn, down 0.7%. 

Indeed, across the board, Q4 results were down while FY24 results were up year-on-year. 

Q4 results 

Of the quarter’s $2.9bn revenue, $2.1bn, or 72.7%, came from casino operations. The remaining 27.3% was made via rooms, retail, food and beverage and other facilities, with rooms being the most lucrative with a revenue of $317m – down 1.9% year-on-year.  

While net revenue for the quarter was down, expenses were up in all segments bar development, which came to $59m, down $6m from this time last year. Resort operation expenses came to $1.8bn, up 4.4%, while corporate expenses rose from $64m to $75m. Amortization of leasehold interests in land remained consistent at $15m, while overall depreciation and amortization rose by $15m to $348m. Operating income thus totalled $590m, down 16.9%.  

Following other expenses, net income attributable to Las Vegas Sands came to $324m, down 15.2% – a slight improvement on the decline in operating income. 

Q4 results by property 

Of the quarter’s $2.9bn revenue, Marina Bay Sands accounted for 39.3%, making $1.14bn, up 7.2%. Adjusted property EBITDA for Marina Bay Sands totalled $537m, down 1.3%. 

Sands’ Macau operations made $1.77bn, down 4.9%. Adjusted property EBITDA for these operations was also down, at a notable rate of 12.7%.  

Sands’ highest-earning Macau property, The Venetian, accounted for $682m of total revenue, down 8.8% year-on-year. In line with overall Macau adjusted property EBITDA, this came to $250m for The Venetian, down 17.2%. 

The second highest-earning Macau property was The Londoner, making $518m. This reflects a decline of 12.1%. Adjusted property EBITDA came to $144m, down 24.2%.  

Good to know: These results align with overall gross gaming revenue for Macau posted by the Gaming Inspection and Coordination Bureau of Macau (DICJ). December 2024 marked the first time in two years that revenue was down year-on-year  

The Parisian, Plaza Macao and Four Seasons Macao and Sands Macao all saw slight increases in Q4 revenue, up by $6m, $31m and $5m respectively. The three also saw minor increases to adjusted property EBITDA, at $1m, $12m and $3m respectively.  

Ferry Operations and other revenue and adjusted property EBITDA remained fairly stagnant year-on-year, with revenue up $3m and adjusted property EBITDA down $1m. 

FY24 overall results 

For the 12 months ended 31 December, Sands’ revenue came to $11.3bn, up 8.9%. Operating income came to $2.4bn, up 3.8% and net income came to $1.45bn, up 18.4%. 

Casino operations revenue for the year reflected similarly to Q4 results, accounting for 73.5% of the total. This $8.3m is an increase of 10.4%, slightly higher than overall revenue growth. Room revenue was up 5.8% to $1.27bn, while other segments like mall revenue saw decline, dropping 1.6% to $755m. This is notable particularly given the efforts being put in for Macau to diversify its revenue streams and to bolster non-gaming offerings in the area.  

Much like Q4, operating expenses were up across the board. Resort operations cost $6.95bn, up 10%, while corporate expenses rose by $60m to $290m and overall   depreciation and amortization rose by $100m to $1.31bn.   

FY24 results by property 

Of Sands’ $11.3bn revenue, $4.23bn was made by Marina Bay Sands, up 9.9% year-on-year. Macau operations accounted for the remaining $7.11bn, up 8.4% – balancing out to the overall operator revenue increase for the year of 8.9%. Adjusted property EBITDA overall came to $4.38bn, up 7.2%, with Marina Bay Sands’ adjusted property EBITDA up 10.3% to $2.05bn. Macau operations accounted for the remaining $2.33bn, up 4.6%, again showing Marina Bay Sands to be the property responsible for propelling Sands’ 2024 growth.