Las Vegas Sands, one of the most eminent brands and operator of Integrated Resorts, has just disclosed its financial results for the first quarter of the year ending March 31, 2024.
According to the company, they are happy to see the growth in both financial and operation sphere with key focus on main locations - Macao and Singapore. Sands keep being optimistic about new chances for growth in more market in the upcoming years as they want to launch capital investment across the same locations.
More About Their Results and Growth:
Speaking about each location, there’s a long story around recovery and coming back to the right trajectory. Macau saw steady progress during the first quarter which is largely reason of the continued efforts and investments in business ventures and tourism. Next, Marina Bay Sands in Singapore showed tremendous growth, with exceptional performance both on financial and operational level. This was result of enhanced products and services, as well as broader capacity.
Robert G. Goldstein, Sands CEO explained the reasoning of such growth and expressed his positive look on the future happenings. He said:
"We repurchased $450 million LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders in the future."
When it comes to numbers, it’s interesting to see how much money Sands generated in the first quarter of this year. Net revenue reached the level of $2.96 billion, contrasted to $2.12 billion in the last year’s first quarter. Operating income was at mark of $717 million, which is double than the amount from 2023 ($378 million). Net income in the 1st quarter of 2024 arrived at $583 million, as opposed to $145 million in the very first quarter of 2023.
As for Consolidated adjusted property EBITDA, it was $1.21 billion, contrasted to $792m in the year before.
If we take a look at the figures for Sands China, its net revenues were 42% higher ($1.80 billion), compared to last year’s first quarter. Net income for Sands China was $297m, contrary to a net loss of $10m in Q1 2023.
The company hosted a call on April 17, 2024 to discuss results in the first quarter of 2024.
Sands is the top-tier developer and operator of integrated resorts. The brand’s properties boost impressive leisure and business tourism and provide huge economic advantages, sustained work creation, financial chances for local businesses and investment to turn its local regions into top places to live, work and enjoy. The company is also committed to being a high-flyer in corporate responsibility and it continues to mark recording results.
Source:
“Las Vegas Sands Reports First Quarter 2024 Results”, investor.sands.com, March 2024.