Las Vegas Sands has described itself as “enthusiastic about [its] opportunities” despite a fall in quarterly results against the previous year.
Net revenue for the quarter ending September 30 was US$2.68bn, down from $2.8bn in the prior-year quarter. Operating income was $504m, down from $688m in the prior year quarter.
Net income was $353m, down from $449m in the third quarter of 2023.
Consolidated adjusted property EBITDA was $991m, compared to $1.12bn in the prior year quarter.
"Although our reported financial results for the quarter reflected lower than expected hold in Singapore and the impact of disruption from our ongoing development work at the Londoner in Macao, we continued to execute our strategic objectives during the quarter,” said Robert G. Goldstein, chairman and chief executive officer.
“We remain enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead as we execute our capital investment programs in both Macao and Singapore.
"In Macao, the ongoing recovery continued during the quarter, although visitation to the market remains below the levels reached prior to the pandemic. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world centre of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.
"In Singapore, although Marina Bay Sands was negatively impacted by low hold this quarter, the property continued to deliver outstanding financial and operating performance. Our new suite product and elevated service offerings position us for growth as travel and tourism spending in Asia expands.
"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.
"We repurchased $450m LVS shares under our share repurchase program during the quarter. The LVS board of directors has authorised $2bn of share repurchases in the future and raised our annual dividend to $1.00 per share for the 2025 calendar year.
“We look forward to utilising our share repurchase and dividend programs to continue to return excess capital to stockholders."
