Las Vegas Sands Reports Third Quarter 2024 Financial Results
Las Vegas Sands Corp. (NYSE: LVS) has announced its financial results for the third quarter ending September 30, 2024.
Key Financial Metrics:
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Net Revenue | $2.68B | $2.80B | -4.3% | $2.79B |
| Net Income | $353M | $449M | -21.4% | |
| Earnings Per Share (EPS) | $0.38 | $0.50 | -24% | $0.55 |
| Adjusted EPS | $0.44 | $0.55 | -20% | $0.53 |
| Consolidated Adjusted EBITDA | $991M | $1.12B | -11.6% |
The financial performance of Las Vegas Sands in Q3 2024 reflects a decline in both revenue and net income compared to the previous year, missing analyst expectations. The decrease is attributed to lower-than-expected hold in Singapore and ongoing development disruptions in Macao.
Revenue Performance by Segment:
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | YoY Change |
|---|---|---|---|
| Macao Operations | $1.77B | $1.79B | -1.0% |
| Marina Bay Sands | $919M | $1.015B | -9.5% |
The Macao operations showed a slight decline in revenue, while Marina Bay Sands experienced a more significant drop, primarily due to low hold on rolling play.
Operational Data:
| Location | Adjusted EBITDA | Impact of Low Hold |
|---|---|---|
| Macao | $585M | -$2M |
| Marina Bay Sands | $406M | -$78M |
Comments from Company Officers:
Robert G. Goldstein, Chairman and CEO, stated, 'Despite the challenges faced this quarter, we remain committed to our strategic objectives and are optimistic about future growth in Macao and Singapore.'
Dividends and Share Repurchase Program:
The Board authorized $2.0 billion in future stock repurchases and increased the annual dividend to $1.00 per share for 2025. During Q3, LVS repurchased $450 million of common stock.
Forward Guidance:
Las Vegas Sands did not provide specific forward guidance but expressed confidence in its growth prospects through ongoing capital investments.
Stock Price Movement:
Following the earnings release, Las Vegas Sands' stock experienced a decline of approximately 1.37%.
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