Las Vegas Sands (LVS) has announced robust financial results for the fourth quarter of 2023, with a consolidated Adjusted Property EBITDA of US$1.20 billion. The impressive performance was driven by the ongoing resurgence of operations in Macau and another record-breaking quarter at Singapore’s iconic Marina Bay Sands (MBS).
Marina Bay Sands Achieves All-Time Highs
Marina Bay Sands reported an all-time high quarterly Adjusted Property EBITDA of US$544 million, marking a significant double increase from the same period in 2022. This achievement places MBS well above the quarterly run-rate needed to meet the company’s ambitious goal of reaching an annual EBITDA of US$2 billion. The EBITDA margin for MBS was an outstanding 51.3%, showcasing the resort’s financial efficiency.
The stellar performance at MBS was attributed to a high hold on rolling play, contributing a positive impact of US$71 million to the Adjusted Property EBITDA.
Macau Operations Propel Forward
Subsidiary Sands China reported an Adjusted Property EBITDA of US$654 million, reflecting growth from the previous quarter despite a US$40 million negative impact from low hold in rolling. Net revenues from Macau operations reached US$1.86 billion, demonstrating a substantial increase from Q3 and a significant improvement from the same period in 2022.
The Venetian Macao led the way with net revenues of US$748 million, followed by contributions from The Londoner Macao (US$589 million), The Parisian Macao (US$222 million), and The Plaza Macao and Four Seasons (US$192 million).
Overall Group Performance
Las Vegas Sands reported group-wide net revenues of US$2.92 billion, marking a remarkable 161% year-on-year increase and a 4.3% quarter-on-quarter growth. For the entire fiscal year 2023, LVS reported net revenues of US$10.4 billion, reflecting a remarkable 152% year-on-year increase.
Marina Bay Sands contributed significantly to the annual performance, recording revenues of US$3.85 billion and an Adjusted EBITDA of US$1.86 billion. Sands China also played a crucial role, with revenues of US$6.56 billion and an Adjusted EBITDA of US$2.22 billion.
Leadership Perspective
LVS Chairman and CEO, Robert Goldstein, expressed satisfaction with the financial and operating results for the quarter. He highlighted the continuous improvement in the operating environment in both Macau and Singapore. In Macau, Goldstein emphasized the ongoing recovery across all segments, attributing it to the company’s long-term commitment to investments that enhance business and leisure tourism appeal.
In Singapore, Marina Bay Sands stood out once again with outstanding financial and operating performance. Goldstein pointed out that the new suite product and elevated service offerings position MBS well as airlift capacity improves and the recovery in travel and tourism spending from China and the wider region progresses.
Goldstein also acknowledged the financial strength of the company, supporting ongoing investment and capital expenditure programs in Macau and Singapore, pursuit of growth opportunities in new markets, and the return of capital to stockholders.
Las Vegas Sands’ impressive financial results for Q4 2023 underscore the company’s resilience and strategic positioning in key markets. The stellar performance of Marina Bay Sands and the continued recovery in Macau highlight the effectiveness of LVS’s long-term investment strategies. As the travel and tourism industry progresses in the post-pandemic era, Las Vegas Sands appears well-positioned for sustained growth and success.