Las Vegas Sands Reports Third Quarter 2024 Results

Rhea-AI Summary

Las Vegas Sands (NYSE: LVS) reported Q3 2024 financial results with net revenue of $2.68 billion, down from $2.80 billion year-over-year, and net income of $353 million, compared to $449 million in Q3 2023. The company's consolidated adjusted property EBITDA was $991 million, with Macao contributing $585 million and Marina Bay Sands adding $406 million. Both locations were negatively impacted by low hold on rolling play. 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 and acquired $44 million of SCL stock.

Positive

• Board authorized $2.0 billion in future stock repurchases
• Annual dividend increased by $0.20 to $1.00 per share for 2025
• Strong cash position with $4.21 billion in unrestricted cash
• Access to $4.47 billion in revolving credit facilities
• SCL secured new credit facility worth approximately $4.18 billion

Negative

• Net revenue decreased 4.3% YoY to $2.68 billion from $2.80 billion
• Net income declined 21.4% YoY to $353 million from $449 million
• Consolidated adjusted property EBITDA fell to $991 million from $1.12 billion YoY
• Low hold on rolling play impacted EBITDA negatively by $80 million combined in Macao and Singapore
• Total debt outstanding of $13.88 billion

Insights

Financial Analyst

Las Vegas Sands delivered mixed Q3 2024 results with $2.68 billion in revenue and $353 million in net income, showing year-over-year declines. Key highlights include lower-than-expected hold in Singapore and ongoing development disruption at the Londoner Macao. The company's strategic capital return initiatives are noteworthy, with $450 million in share buybacks and a 25% dividend increase to $1.00 per share annually for 2025.

The balance sheet remains robust with $4.21 billion in unrestricted cash and $4.47 billion in available credit facilities. The new SCL Credit Facility provides additional financial flexibility. While Macao's recovery continues, visitation remains below pre-pandemic levels. Marina Bay Sands faced headwinds from low hold but maintains strong underlying performance.

Market Research Analyst

The increased capital return program signals management's confidence in future cash flows despite near-term operational challenges. The $2.0 billion new share repurchase authorization and dividend hike demonstrate a strong commitment to shareholder returns. The strategic increase in SCL ownership to 71.31% strengthens the company's position in Macao.

The lower effective tax rate of 12.4% versus 21.4% last year positively impacts profitability. Capital expenditures of $539 million reflect ongoing investment in growth initiatives across both markets, positioning the company for long-term expansion as Asian tourism recovers.

For the quarter ended September 30, 2024

• Net Revenue of $2.68 billion and Net Income of $353 million
• Consolidated Adjusted Property EBITDA of $991 million
• Macao Adjusted Property EBITDA of $585 million
  • Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by $2 million
• Marina Bay Sands Adjusted Property EBITDA of $406 million
  • Low Hold on Rolling Play at Marina Bay Sands Negatively Impacted Adjusted Property EBITDA by $78 million
• LVS Repurchased $450 million of Common Stock
• LVS Board of Directors Authorized $2.0 billion in Future Stock Repurchases
• LVS Board of Directors Announced a $0.20 Increase in LVS's Recurring Common Stock Dividend for the 2025 Calendar Year, Raising the Annual Dividend to $1.00 per Share ($0.25 per Share per Quarter)
• LVS Acquired $44 million of SCL Stock

LAS VEGAS, Oct. 23, 2024 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended September 30, 2024.

"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.  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," said Robert G. Goldstein, chairman and chief executive officer.

"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 center 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 $450 million LVS shares under our share repurchase program during the quarter.  The LVS Board of Directors has authorized $2.0 billion 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 utilizing our share repurchase and dividend programs to continue to return excess capital to stockholders."

Net revenue was $2.68 billion, compared to $2.80 billion in the prior year quarter.  Operating income was $504 million, compared to $688 million in the prior year quarter.  Net income in the third quarter of 2024 was $353 million, compared to $449 million in the third quarter of 2023. 

Consolidated adjusted property EBITDA was $991 million, compared to $1.12 billion in the prior year quarter.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 1.0% to $1.77 billion, compared to the third quarter of 2023.  Net income for SCL was $268 million, compared to $231 million in the third quarter of 2023.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $179 million for the third quarter of 2024, compared to $200 million in the prior year quarter.  Our weighted average borrowing cost was 5.1% during the third quarter of 2024, compared to 5.4% during the third quarter of 2023.

Our effective income tax rate for the third quarter of 2024 was 12.4%, compared to 21.4% in the prior year quarter.  The income tax rate for the third quarter of 2024 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns
During the third quarter of 2024, we repurchased $450 million of our common stock (approximately 11 million shares at a weighted average price of $39.36). The remaining amount authorized under our share repurchase program was $195 million as of September 30, 2024.  Subsequently, on October 22, 2024, the company's Board of Directors authorized increasing the remaining share repurchase amount of $195 million to $2.0 billion and extending the expiration date of this authorization to November 3, 2026.  The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions. 

We also entered into an agreement to purchase SCL common stock that was completed in October 2024.  As a result of the transaction, the company will receive 23.4 million shares of SCL common stock, increasing its ownership percentage to 71.31%.

We paid a quarterly dividend of $0.20 per common share during the quarter.  We announced our next quarterly dividend of $0.20 per common share will be paid on November 13, 2024, to Las Vegas Sands stockholders of record on November 5, 2024.

Balance Sheet Items
Unrestricted cash balances as of September 30, 2024 were $4.21 billion.

The company has access to $4.47 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.  As of September 30, 2024, total debt outstanding, excluding finance leases and financed purchases, was $13.88 billion.

On October 23, 2024, SCL entered into a new facility agreement, the 2024 SCL Credit Facility, which provides for a 19.50 billion Hong Kong dollars ("HKD," approximately $2.51 billion at exchange rates in effect on October 23, 2024) unsecured revolving credit facility (the "2024 SCL Revolving Facility") and makes available an HKD 12.95 billion (approximately $1.67 billion at exchange rates in effect on October 23, 2024) unsecured term loan facility (the "2024 SCL Term Loan Facility").  SCL may draw under the 2024 SCL Revolving Facility for general corporate and working capital requirements and under the 2024 SCL Term Loan Facility for the purpose of repaying amounts outstanding under SCL's unsecured 5.125% Senior Notes due August 2025.  In connection with entering into the 2024 SCL Credit Facility, the commitments under SCL's existing amended and restated credit facility agreement, the 2018 SCL Credit Facility, were terminated.

Capital Expenditures
Capital expenditures during the third quarter totaled $539 million, including construction, development and maintenance activities of $313 million in Macao and $215 million at Marina Bay Sands.

###

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, October 23, 2024 at 1:30 p.m. Pacific Time.  Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.

About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.  

Sands' portfolio of properties includes Marina Bay Sands^® in Singapore and The Venetian^® Macao, The Londoner Macao^®, The Parisian Macao^®, The Plaza Macao and Four Seasons Hotel Macao, and Sands^® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.  

Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com. 

Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.  In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "expects," "intends," "plans," "positions," "remains," "seeks," "will" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.  Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct.  These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements.  These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in  Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made.  Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.

Contacts:

Investment Community:

Daniel Briggs

daniel.briggs@sands.com

 

Media:

Ron Reese

ron.reese@sands.com

Las Vegas Sands Corp.
Third Quarter 2024 Results
Non-GAAP Financial Measures

Within the company's third quarter 2024 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures.  The company believes these measures represent important internal measures of financial performance.  Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP.  The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance.  These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax.  Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results.  These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes.  Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.  Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.  In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations.  Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP.  The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income tax payments, which are not reflected in consolidated adjusted property EBITDA.  Not all companies calculate adjusted property EBITDA in the same manner.  As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
Revenues:
Casino		$        1,936		$        2,008		$        6,199		$        5,411
Rooms		314		342		957		881
Food and beverage		152		156		450		423
Mall		189		201		537		535
Convention, retail and other		91		88		259		207
Net revenues		2,682		2,795		8,402		7,457
Operating expenses:
Resort operations		1,701		1,679		5,150		4,595
Corporate		68		49		215		166
Pre-opening		4		3		10		13
Development		55		44		169		140
Depreciation and amortization		324		313		960		875
Amortization of leasehold interests in land		15		15		45		43
Loss on disposal or impairment of assets		11		4		41		22
		2,178		2,107		6,590		5,854
Operating income		504		688		1,812		1,603
Other income (expense):
Interest income		67		79		218		225
Interest expense, net of amounts capitalized		(179)		(200)		(547)		(628)
Other income (expense)		11		4		16		(17)
Income before income taxes		403		571		1,499		1,183
Income tax expense		(50)		(122)		(139)		(221)
Net income		353		449		1,360		962
Net income attributable to noncontrolling interests		(78)		(69)		(238)		(123)
Net income attributable to Las Vegas Sands Corp.		$           275		$           380		$        1,122		$           839
Earnings per share:
Basic		$          0.38		$          0.50		$          1.52		$          1.10
Diluted		$          0.38		$          0.50		$          1.51		$          1.09
Weighted average shares outstanding:
Basic		730		764		740		764
Diluted		731		766		742		767

 

Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
Net Revenues
The Venetian Macao		$        692		$        723		$       2,149		$       1,934
The Londoner Macao		460		518		1,466		1,203
The Parisian Macao		250		244		745		657
The Plaza Macao and Four Seasons Macao		257		192		649		587
Sands Macao		81		83		236		241
Ferry Operations and Other		31		29		91		74
Macao Operations		1,771		1,789		5,336		4,696
Marina Bay Sands		919		1,015		3,093		2,788
Intercompany Royalties		60		61		186		164
Intersegment Eliminations(1)		(68)		(70)		(213)		(191)
		$     2,682		$     2,795		$       8,402		$       7,457
Adjusted Property EBITDA
The Venetian Macao		$        267		$        290		$          843		$          752
The Londoner Macao		124		167		399		326
The Parisian Macao		74		81		228		201
The Plaza Macao and Four Seasons Macao		102		71		238		237
Sands Macao		14		17		36		42
Ferry Operations and Other		4		5		12		12
Macao Operations		585		631		1,756		1,570
Marina Bay Sands		406		491		1,515		1,317
		$        991		$     1,122		$       3,271		$       2,887
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao		38.6 %		40.1 %		39.2 %		38.9 %
The Londoner Macao		27.0 %		32.2 %		27.2 %		27.1 %
The Parisian Macao		29.6 %		33.2 %		30.6 %		30.6 %
The Plaza Macao and Four Seasons Macao		39.7 %		37.0 %		36.7 %		40.4 %
Sands Macao		17.3 %		20.5 %		15.3 %		17.4 %
Ferry Operations and Other		12.9 %		17.2 %		13.2 %		16.2 %
Macao Operations		33.0 %		35.3 %		32.9 %		33.4 %
Marina Bay Sands		44.2 %		48.4 %		49.0 %		47.2 %
Total		37.0 %		40.1 %		38.9 %		38.7 %

____________________
(1)	Intersegment eliminations include royalties and other intercompany services.

 

Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
Net income		$           353		$           449		$        1,360		$           962
Add (deduct):
Income tax expense		50		122		139		221
Other (income) expense		(11)		(4)		(16)		17
Interest expense, net of amounts capitalized		179		200		547		628
Interest income		(67)		(79)		(218)		(225)
Loss on disposal or impairment of assets		11		4		41		22
Amortization of leasehold interests in land		15		15		45		43
Depreciation and amortization		324		313		960		875
Development expense		55		44		169		140
Pre-opening expense		4		3		10		13
Stock-based compensation(1)		10		6		19		25
Corporate expense		68		49		215		166
Consolidated Adjusted Property EBITDA		$           991		$        1,122		$        3,271		$        2,887

____________________
(1)	During the three months ended September 30, 2024 and 2023, the company recorded stock-based compensation expense of $24 million and $16 million, respectively, of which $14 million and $10 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
	During the nine months ended September 30, 2024 and 2023, the company recorded stock-based compensation expense of $58 million and $58 million, respectively, of which $39 million and $33 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

 

Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions, except per share data)
(Unaudited)
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
Net income attributable to LVS		$           275		$           380		$        1,122		$           839
Pre-opening expense		4		3		10		13
Development expense		55		44		169		140
Loss on disposal or impairment of assets		11		4		41		22
Other (income) expense		(11)		(4)		(16)		17
Income tax impact on net income adjustments(1)		(11)		(10)		(35)		(29)
Noncontrolling interest impact on net income adjustments		—		1		(5)		(13)
Adjusted net income attributable to LVS		$           323		$           418		$        1,286		$           989
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
Per diluted share of common stock:
Net income attributable to LVS		$          0.38		$          0.50		$          1.51		$          1.09
Pre-opening expense		0.01		—		0.01		0.02
Development expense		0.08		0.06		0.23		0.18
Loss on disposal or impairment of assets		0.02		0.01		0.06		0.03
Other (income) expense		(0.02)		(0.01)		(0.02)		0.02
Income tax impact on net income adjustments		(0.03)		(0.01)		(0.05)		(0.03)
Noncontrolling interest impact on net income adjustments		—		—		(0.01)		(0.02)
Adjusted earnings per diluted share		$          0.44		$          0.55		$          1.73		$          1.29
Weighted average diluted shares outstanding		731		766		742		767

____________________
(1)	The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

 

Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(In millions)
(Unaudited)
The following reflects the impact on Net Revenues for hold-adjusted win percentage:
	Three Months Ended
	September 30,
	2024		2023
Macao Operations	$                        4		$                     (25)
Marina Bay Sands	101		(44)
	$                    105		$                     (69)
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:
	Three Months Ended
	September 30,
	2024		2023
Macao Operations	$                        2		$                     (15)
Marina Bay Sands	78		(34)
	$                      80		$                     (49)

____________________
Note:	Beginning with the fourth quarter of 2023, we are no longer reporting quarterly "consolidated hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA" for Macao operations and Marina Bay Sands, and "hold-normalized adjusted net income (loss) attributable to LVS" or "hold-normalized adjusted earnings (loss) per diluted share."  We are making this change in response to comments from the SEC staff in connection with their ordinary course review.  We will continue to report the hold-adjusted impact on quarterly revenue and adjusted property EBITDA for our Macao operations and Marina Bay Sands.
	These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's current period Rolling Chip win percentage equaled 3.30%.  Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

 

Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
Casino Statistics:
The Venetian Macao:
Table games win per unit per day(1)		$        8,863		$        9,684		$        9,638		$        9,122
Slot machine win per unit per day(2)		$           370		$           437		$           387		$           422
Average number of table games		733		695		715		666
Average number of slot machines		1,661		1,418		1,589		1,391
The Londoner Macao:
Table games win per unit per day(1)		$      12,550		$        9,377		$      11,364		$        7,445
Slot machine win per unit per day(2)		$           523		$           505		$           500		$           444
Average number of table games		342		487		405		483
Average number of slot machines		1,074		1,285		1,256		1,175
The Parisian Macao:
Table games win per unit per day(1)		$        5,738		$        7,753		$        6,556		$        7,135
Slot machine win per unit per day(2)		$           370		$           328		$           397		$           308
Average number of table games		369		269		330		269
Average number of slot machines		1,216		891		1,010		893
The Plaza Macao and Four Seasons Macao:
Table games win per unit per day(1)		$      27,424		$      21,989		$      23,616		$      19,239
Slot machine win per unit per day(2)		$           173		$           (69)		$           160		$           239
Average number of table games		103		84		101		99
Average number of slot machines		49		28		28		76
Sands Macao:
Table games win per unit per day(1)		$        7,413		$        6,536		$        7,412		$        5,494
Slot machine win per unit per day(2)		$           239		$           309		$           275		$           260
Average number of table games		102		119		100		137
Average number of slot machines		741		544		650		629
Marina Bay Sands:
Table games win per unit per day(1)		$      12,090		$      13,722		$      14,725		$      12,348
Slot machine win per unit per day(2)		$           866		$           845		$           889		$           879
Average number of table games		493		519		499		518
Average number of slot machines		2,955		2,933		2,942		2,918

____________________
(1)	Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(2)	Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

 

Exhibit 7
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
The Venetian Macao	September 30,
(Dollars in millions)	2024		2023		Change
Revenues:
Casino	$        554		$        575		$       (21)
Rooms	54		55		(1)
Food and beverage	15		17		(2)
Mall	59		58		1
Convention, retail and other	10		18		(8)
Net Revenues	$        692		$        723		$       (31)
Adjusted Property EBITDA	$        267		$        290		$       (23)
EBITDA Margin %	38.6 %		40.1 %		(1.5) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$     1,126		$        953		$      173
Rolling Chip win %(1)	3.64 %		6.00 %		(2.36) pts
Non-Rolling Chip drop	$     2,252		$     2,313		$       (61)
Non-Rolling Chip win %	24.7 %		24.3 %		0.4 pts
Slot handle	$     1,441		$     1,319		$      122
Slot hold %	3.9 %		4.3 %		(0.4) pts
Hotel Statistics
Occupancy %	98.8 %		98.0 %		0.8  pts
Average daily room rate (ADR)	$        204		$        212		$        (8)
Revenue per available room (RevPAR)	$        202		$        207		$        (5)

____________________
(1)	This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
The Londoner Macao	September 30,
(Dollars in millions)	2024		2023		Change
Revenues:
Casino	$        338		$        371		$       (33)
Rooms	68		97		(29)
Food and beverage	21		25		(4)
Mall	20		17		3
Convention, retail and other	13		8		5
Net Revenues	$        460		$        518		$       (58)
Adjusted Property EBITDA	$        124		$        167		$       (43)
EBITDA Margin %	27.0 %		32.2 %		(5.2) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$     1,548		$     1,561		$       (13)
Rolling Chip win %(1)	2.89 %		3.93 %		(1.04) pts
Non-Rolling Chip drop	$     1,598		$     1,737		$     (139)
Non-Rolling Chip win %	21.9 %		20.7 %		1.2 pts
Slot handle	$     1,290		$     1,498		$     (208)
Slot hold %	4.0 %		4.0 %		— pts
Hotel Statistics(2)
Occupancy %	97.7 %		95.3 %		2.4 pts
Average daily room rate (ADR)	$        230		$        190		$        40
Revenue per available room (RevPAR)	$        225		$        181		$        44

____________________
(1)	This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
(2)	During the three months ended September 30, 2024, a daily average of approximately 2,550 rooms were excluded from available rooms in connection with the renovations related to the conversion of the Sheraton towers to the Londoner Grand.

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
The Parisian Macao	September 30,
(Dollars in millions)	2024		2023		Change
Revenues:
Casino	$        189		$        181		$          8
Rooms	36		37		(1)
Food and beverage	17		15		2
Mall	6		7		(1)
Convention, retail and other	2		4		(2)
Net Revenues	$        250		$        244		$          6
Adjusted Property EBITDA	$          74		$         81		$         (7)
EBITDA Margin %	29.6 %		33.2 %		(3.6) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$        169		$        277		$     (108)
Rolling Chip win %(1)	(7.14) %		6.76 %		(13.90) pts
Non-Rolling Chip drop	$     1,054		$        789		$      265
Non-Rolling Chip win %	19.6 %		22.0 %		(2.4) pts
Slot handle	$        997		$        670		$      327
Slot hold %	4.2 %		4.0 %		0.2 pts
Hotel Statistics
Occupancy %	98.5 %		97.0 %		1.5 pts
Average daily room rate (ADR)	$        153		$        165		$       (12)
Revenue per available room (RevPAR)	$        151		$        160		$         (9)

____________________
(1)	This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
The Plaza Macao and Four Seasons Macao	September 30,
(Dollars in millions)	2024		2023		Change
Revenues:
Casino	$        182		$        108		$        74
Rooms	27		24		3
Food and beverage	7		7		—
Mall	40		50		(10)
Convention, retail and other	1		3		(2)
Net Revenues	$        257		$        192		$        65
Adjusted Property EBITDA	$        102		$         71		$        31
EBITDA Margin %	39.7 %		37.0 %		2.7 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$     2,616		$     2,068		$      548
Rolling Chip win %(1)	3.92 %		2.28 %		1.64 pts
Non-Rolling Chip drop	$        684		$        570		$      114
Non-Rolling Chip win %	22.9 %		21.5 %		1.4 pts
Slot handle	$          26		$          10		$        16
Slot hold %	3.0 %		(1.7) %		4.7 pts
Hotel Statistics
Occupancy %	93.2 %		86.4 %		6.8 pts
Average daily room rate (ADR)	$        474		$        472		$          2
Revenue per available room (RevPAR)	$        442		$        408		$        34

____________________
(1)	This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
Sands Macao	September 30,
(Dollars in millions)	2024		2023		Change
Revenues:
Casino	$         73		$         75		$        (2)
Rooms	4		4		—
Food and beverage	3		3		—
Mall	1		1		—
Net Revenues	$         81		$         83		$        (2)
Adjusted Property EBITDA	$         14		$         17		$        (3)
EBITDA Margin %	17.3 %		20.5 %		(3.2) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$         26		$         14		$        12
Rolling Chip win %(1)	4.39 %		13.84 %		(9.45) pts
Non-Rolling Chip drop	$        407		$        414		$         (7)
Non-Rolling Chip win %	16.8 %		16.8 %		—  pts
Slot handle	$        560		$        473		$        87
Slot hold %	2.9 %		3.3 %		(0.4) pts
Hotel Statistics
Occupancy %	99.4 %		98.7 %		0.7 pts
Average daily room rate (ADR)	$        172		$        173		$         (1)
Revenue per available room (RevPAR)	$        171		$        171		$         —

____________________
(1)	This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
	Three Months Ended
Marina Bay Sands	September 30,
(Dollars in millions)	2024		2023		Change
Revenues:
Casino	$        600		$        698		$       (98)
Rooms	125		125		—
Food and beverage	89		89		—
Mall	63		68		(5)
Convention, retail and other	42		35		7
Net Revenues	$        919		$     1,015		$       (96)
Adjusted Property EBITDA	$        406		$        491		$       (85)
EBITDA Margin %	44.2 %		48.4 %		(4.2) pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$     6,558		$     8,149		$  (1,591)
Rolling Chip win %(1)	1.75 %		3.85 %		(2.10) pts
Non-Rolling Chip drop	$     2,126		$     1,936		$      190
Non-Rolling Chip win %	20.4 %		17.6 %		2.8 pts
Slot handle	$     5,855		$     6,364		$     (509)
Slot hold %	4.0 %		3.6 %		0.4 pts
Hotel Statistics(2)
Occupancy %	94.7 %		96.3 %		(1.6) pts
Average daily room rate (ADR)	$        903		$        681		$      222
Revenue per available room (RevPAR)	$        855		$        656		$      199

____________________
(1)	This compares to our expected Rolling Chip win percentage of 3.30% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
(2)	During the three months ended September 30, 2024 and 2023, approximately 1,600 and 2,200 rooms, respectively, were available for occupancy.

 

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)
		For the Three Months Ended September 30, 2024										TTM September 30, 2024
(Dollars in millions except per square foot data)		Gross Revenue(1)		Operating Profit		Operating Profit Margin		Gross Leasable Area (sq. ft.)		Occupancy % at End of Period		Tenant Sales Per Sq. Ft.(2)
Shoppes at Venetian		$           59		$         52		88.1 %		822,456		83.6 %		$        1,615
Shoppes at Four Seasons
Luxury Retail		27		24		88.9 %		153,866		98.5 %		7,501 *
Other Stores		13		12		92.3 %		107,979		78.0 %		2,429 *
		40		36		90.0 %		261,845		90.1 %		5,832
Shoppes at Londoner		20		16		80.0 %		566,272		70.5 %		1,491
Shoppes at Parisian		6		4		66.7 %		296,818		67.7 %		525
Total Cotai Strip in Macao		125		108		86.4 %		1,947,391		78.2 %		2,112
The Shoppes at Marina Bay      Sands		63		56		88.9 %		615,944		99.1 %		2,919
Total		$         188		$       164		87.2 %		2,563,335		83.3 %		$        2,364

____________________
Note:	This table excludes the results of our retail outlets at Sands Macao.
(1)	Gross revenue figures are net of intersegment revenue eliminations.
(2)	Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
*	Prior quarter tenant sales per square foot have been reclassified to be consistent with the current period presentation of luxury retail and other stores.

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SOURCE Las Vegas Sands Corp.

FAQ

What was Las Vegas Sands (LVS) revenue in Q3 2024?

Las Vegas Sands reported net revenue of $2.68 billion in Q3 2024, down from $2.80 billion in the prior year quarter.

How much did LVS spend on stock buybacks in Q3 2024?

LVS repurchased $450 million of common stock during Q3 2024, buying approximately 11 million shares at an average price of $39.36.

What is LVS's new dividend for 2025?

LVS increased its annual dividend by $0.20 to $1.00 per share ($0.25 quarterly) for the 2025 calendar year.

How much was LVS's Q3 2024 EBITDA affected by low hold?

Low hold on rolling play negatively impacted Adjusted Property EBITDA by $2 million in Macao and $78 million at Marina Bay Sands, totaling $80 million.