Las Vegas Sands Q4 Revenue Dips, Eyes Long-Term Growth
The Key Points at a Glance
Las Vegas Sands has released its financial results for the fourth quarter of 2024. Revenue slightly declined by 0.7% to $2.9 billion USD. Despite these decreases, the company remains optimistic, particularly in its key regions of Macao and Singapore. Long-term growth plans and strategic investments remain a central focus.
Detailed Financial Results
Las Vegas Sands’ operating income fell by 16.9% to $590 million USD in the fourth quarter of 2024. Net income also decreased by 16.4% to $392 million USD. Adjusted property EBITDA (earnings before interest, taxes, depreciation, and amortization) declined by 7.5% to $1.11 billion USD.
Despite these declines, CEO Robert Goldstein emphasized the company’s resilience: “We remain confident in our growth in Macao and Singapore as we execute our investment programs in these markets.” He also highlighted that the company’s financial stability continues to enable investments and shareholder returns.
Developments in Macao and Singapore
Sands China, the subsidiary of Las Vegas Sands in Macao, reported a 5% revenue decline to $1.76 billion USD in the fourth quarter of 2024. Net income decreased by 17.7% to $237 million USD. Adjusted EBITDA in Macao amounted to $571 million USD, with a $22 million USD decline attributed to weak performance in the “Rolling Play” segment.
In contrast, Marina Bay Sands in Singapore delivered positive results. Adjusted EBITDA increased to $537 million USD, supported by a $2 million USD boost due to a strong “Rolling Play” performance.
Strategic Actions and Investments
As part of its growth strategy, Las Vegas Sands repurchased $450 million USD worth of shares. Additionally, $250 million USD was invested in Sands China, increasing the company’s stake in the subsidiary to 72.3%.
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For the full year 2024, Las Vegas Sands reported operating income of $2.4 billion USD, an increase of 3.9%. Net income grew by 18.9% to $1.45 billion USD. Sands China also achieved impressive results, with revenue increasing by 8.4% to nearly $7.1 billion USD and net income rising by 50.9% to $1.1 billion USD.
Investments in the fourth quarter totaled $547 million USD, with a significant portion allocated to the Macao properties and Marina Bay Sands.
Our Assessment
Despite short-term challenges, Las Vegas Sands demonstrates a clear strategy for long-term growth. The focus on Asian markets, particularly Macao and Singapore, along with continued investments in these regions, underscores the company’s commitment. Share buybacks and a solid financial foundation further reinforce confidence in its future plans. For investors and industry observers, Las Vegas Sands remains a company focused on sustainable growth.
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