Las Vegas Sands Reports Third Quarter 2024 Results
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.
Las Vegas Sands (NYSE: LVS) ha riportato i risultati finanziari del terzo trimestre 2024 con entrate nette di 2,68 miliardi di dollari, in calo rispetto ai 2,80 miliardi dello stesso periodo dell'anno precedente, e utile netto di 353 milioni di dollari, rispetto ai 449 milioni nel Q3 2023. L'EBITDA rettificato consolidato dell'azienda è stato di 991 milioni di dollari, con Macao che ha contribuito con 585 milioni e Marina Bay Sands che ha aggiunto 406 milioni. Entrambe le location sono state negativamente influenzate da un basso hold sul gioco. Il Consiglio ha autorizzato 2,0 miliardi di dollari per futuri riacquisti di azioni e ha aumentato il dividendo annuale a 1,00 dollaro per azione per il 2025. Durante il terzo trimestre, LVS ha riacquistato 450 milioni di dollari di azioni ordinarie e ha acquisito azioni SCL per 44 milioni di dollari.
Las Vegas Sands (NYSE: LVS) reportó resultados financieros del tercer trimestre de 2024 con ingresos netos de 2,68 mil millones de dólares, una disminución desde los 2,80 mil millones del año anterior, y ingreso neto de 353 millones de dólares, en comparación con los 449 millones en el tercer trimestre de 2023. El EBITDA consolidado ajustado de la compañía fue de 991 millones de dólares, con Macao contribuyendo con 585 millones y Marina Bay Sands sumando 406 millones. Ambas ubicaciones se vieron afectadas negativamente por un bajo hold en el juego. La Junta autorizó 2,0 mil millones de dólares en futuras recompras de acciones y aumentó el dividendo anual a 1,00 dólar por acción para 2025. Durante el tercer trimestre, LVS recompró 450 millones de dólares en acciones comunes y adquirió 44 millones en acciones de SCL.
라스베이거스 샌즈 (NYSE: LVS)는 2024년 3분기 재무 결과를 보고하며 순수익 26억 8천만 달러로 연간 기준 28억 달러에서 감소했으며, 순이익 3억 5천3백만 달러로 2023년 3분기 4억 4천9백만 달러와 비교된다. 회사의 조정된 총 자산 EBITDA는 9억 9천1백만 달러였으며, 마카오가 5억 8천5백만 달러를 기여하고 마리나 베이 샌즈가 4억 6천만 달러를 추가했다. 두 장소 모두 롤링 플레이에서 낮은 유지율로 부정적인 영향을 받았다. 이사회는 20억 달러의 미래 주식 재매입을 승인했으며, 2025년까지 연간 배당금을 주당 1.00달러로 인상했다. 3분기 동안 LVS는 4억 5천만 달러의 보통주를 재매입하고 4천4백만 달러의 SCL 주식을 인수했다.
Las Vegas Sands (NYSE: LVS) a publié les résultats financiers du troisième trimestre 2024 avec des revenus nets de 2,68 milliards de dollars, en baisse par rapport à 2,80 milliards de dollars d'une année sur l'autre, et un bénéfice net de 353 millions de dollars, comparé à 449 millions de dollars au T3 2023. L'EBITDA ajusté consolidé de l'entreprise s'élevait à 991 millions de dollars, avec Macao contribuant à 585 millions de dollars et Marina Bay Sands ajoutant 406 millions de dollars. Les deux sites ont été négativement impactés par un faible taux de maintien sur le jeu. Le Conseil a autorisé 2,0 milliards de dollars pour de futurs rachats d'actions et a augmenté le dividende annuel à 1,00 dollar par action pour 2025. Au cours du T3, LVS a racheté pour 450 millions de dollars d'actions ordinaires et a acquis pour 44 millions de dollars d'actions SCL.
Las Vegas Sands (NYSE: LVS) hat die Finanz Ergebnisse für das dritte Quartal 2024 bekannt gegeben mit Nettoumsatz von 2,68 Milliarden Dollar, ein Rückgang von 2,80 Milliarden Dollar im Jahresvergleich, und Nettogewinn von 353 Millionen Dollar, im Vergleich zu 449 Millionen Dollar im Q3 2023. Das konsolidierte, bereinigte EBITDA des Unternehmens betrug 991 Millionen Dollar, wobei Macao 585 Millionen Dollar und Marina Bay Sands 406 Millionen Dollar beisteuerten. Beide Standorte litten unter einer schwachen Haltequote beim Spielen. Der Vorstand genehmigte 2,0 Milliarden Dollar für zukünftige Aktienrückkäufe und erhöhte die jährliche Dividende auf 1,00 Dollar pro Aktie für 2025. Im dritten Quartal kaufte LVS 450 Millionen Dollar an Stammaktien zurück und erwarb Aktien von SCL im Wert von 44 Millionen Dollar.
- 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
- 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
Las Vegas Sands delivered mixed Q3 2024 results with
The balance sheet remains robust with
The increased capital return program signals management's confidence in future cash flows despite near-term operational challenges. The
The lower effective tax rate of
For the quarter ended September 30, 2024
- Net Revenue of
$2.68 billion $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
- Low Hold on Rolling Play in Macao Negatively Impacted Adjusted Property EBITDA by
- 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
- Low Hold on Rolling Play at Marina Bay Sands Negatively Impacted Adjusted Property EBITDA by
- LVS Repurchased
$450 million - LVS Board of Directors Authorized
$2.0 billion - LVS Board of Directors Announced a
$0.20 $1.00 $0.25 - LVS Acquired
$44 million
"Although our reported financial results for the quarter reflected lower than expected hold in
"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
"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
"Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both
"We repurchased
Net revenue was
Consolidated adjusted property EBITDA was
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was
Our effective income tax rate for the third quarter of 2024 was
Stockholder Returns
During the third quarter of 2024, we repurchased
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
We paid a quarterly dividend of
Balance Sheet Items
Unrestricted cash balances as of September 30, 2024 were
The company has access to
On October 23, 2024, SCL entered into a new facility agreement, the 2024 SCL Credit Facility, which provides for a 19.50 billion
Capital Expenditures
Capital expenditures during the third quarter totaled
###
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
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
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
Contacts:
Investment Community:
Daniel Briggs
Media:
Ron Reese
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 | 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 | 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 | 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 |
During the nine months ended September 30, 2024 and 2023, the company recorded stock-based compensation expense of | |
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 |
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 | |
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 | ||||||||
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 |
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 |
(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 |
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 |
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
Sands | 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 |
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 |
(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 | |||||||||||
(Dollars in millions except per | Gross | Operating | Operating | Gross | Occupancy | Tenant Sales | ||||||
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 | 125 | 108 | 86.4 % | 1,947,391 | 78.2 % | 2,112 | ||||||
The Shoppes at Marina Bay | 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. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-third-quarter-2024-results-302285000.html
SOURCE Las Vegas Sands Corp.
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