Las Vegas Sands reports marginal fall in revenue in Q4

Neha Soni January 31, 2025
Las Vegas Sands reports marginal fall in revenue in Q4

Integrated resorts developer Las Vegas Sands has reported a marginal decline in net revenue for the fourth quarter of 2024. The company registered $2.90 billion in net revenue for Q4, a 0.7 percent decline from the previous year.

Net income for the quarter fell to $392 million, down from $469 million in the corresponding year. The company reported the consolidated adjusted property earnings before interest, taxes, depreciation and amortisation (EBITDA) of $1.11 billion. This marked a decline of 7.5 percent from the previous year period.

For the quarter, capital expenditures totaled $547m, including construction, development and maintenance activities of $345m in Macau and $194m at Marina Bay Sands.

“We continued to execute our strategic objectives during the quarter. We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets,” Las Vegas Sands Chairman and CEO Robert Goldstein said. 

“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”

Sands China’s net revenue fell

For the quarter, Sands China’s total net revenue was reported to be $1.76 billion. This also marked a decline from the prior year period, falling by 5 percent. Net income fell by 17.7 percent year-over-year for a total of $237 million. 

Adjusted property EBITDA margins from Macau’s operations were $571 million, down from $654 million a year ago. The company attributed this fall to a low hold on rolling play.

Marina Bay Sands’ adjusted property EBITDA reached $537 million. The margins were positively impacted due to a high hold on rolling play.

The resorts developer bought back $450 million of its common stock and $250 million of its Sands China common stock in the quarter. The buyback increased its ownership percentage in Sands China to 72.3 percent, as of January 7, 2025. 

For the financial year 2024, operating income increased by 3.9 percent to reach $2.4 billion. Net income for the period rose by 18.9 percent from last year to a total of $1.45 billion.

In the previous quarter, Las Vegas Sands reported a decline in net revenue, registering $2.68 billion, compared to $2.80 billion in the prior year. The net income for the third quarter declined to $353 million from $449 million last year.

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