Las Vegas Sands has announced impressive financial results for the first quarter ending March 31, 2024. The company reported a net revenue of $2.96 billion, accompanied by a net income of $583 million. The consolidated adjusted property EBITDA stood at $1.21 billion, highlighting robust performance across key markets.
Performance by Region
In Macau, Las Vegas Sands achieved an adjusted property EBITDA of $610 million, demonstrating resilience amid challenges such as low hold on rolling play, which had a $31 million negative impact on EBITDA. Meanwhile, Marina Bay Sands in Singapore reported an adjusted property EBITDA of $597 million, benefiting significantly from a high hold on rolling play, contributing an additional $77 million to EBITDA.
Sands China’s Growth Trajectory
Sands China exhibited strong growth, with total net revenues increasing by 42% to $1.80 billion compared to the same period in 2023. Sands China reported a net income of $297 million, reflecting positive momentum in key operational metrics.
Shareholder Focus and Strategic Vision
Las Vegas Sands prioritized shareholder returns by repurchasing approximately $450 million of common stock during the quarter. Robert G Goldstein, Chairman and CEO, expressed satisfaction with the results, highlighting growth opportunities in Macau and Singapore through substantial capital investment programs.
Financial Factors and Outlook
Interest expenses decreased compared to the previous year, positively impacting earnings. The effective income tax rate of 2.8% was primarily driven by statutory rates in Singapore and finalized tax agreements in Macau. Las Vegas Sands remains optimistic about future growth prospects, aiming to capitalize on emerging opportunities in key markets.
Las Vegas Sands’ Q1 2024 financial performance demonstrates strong growth and resilience, particularly in Macau and Singapore. With solid revenue figures and strategic initiatives underway, the company is well-positioned for sustained success and expansion in its core markets.