01—Abstract
Summary
Summary of the 8-K filed January 24, 2024. Cited figures are marked; the original filing is the authoritative source.
Las Vegas Sands Corp. reported fourth quarter 2023 results in a press release furnished under Item 2.02 of this Form 8-K.
Net revenues were $2.92 billion for the quarter, compared to $1.12 billiona in the prior year quarter, an increase of 161.0%. Operating income was $710 million versus an operating loss of $166 million a year earlier, and net income from continuing operations was $469 million, compared to a net loss of $269 million. Consolidated adjusted property EBITDA reached $1.20 billion, versus $222 million in the fourth quarter of 2022.
For full year 2023, net revenues were $10.37 billionb and net income from continuing operations was $1.43 billion, or $1.62 per diluted share. By segment, Macao adjusted property EBITDA was $654 million and Marina Bay Sands adjusted property EBITDA was $544 million for the quarter. Management noted that low hold on rolling play in Macao reduced Macao adjusted property EBITDA by $40 million, while high hold on rolling play at Marina Bay Sands increased its adjusted property EBITDA by $71 million.
Sands China Ltd. reported GAAP net revenues of $1.86 billionc and net income of $288 million for the quarter. On capital allocation, the company repurchased $505 million of its common stock during the quarter, with $1.50 billion remaining under its authorization.
It also agreed to purchase approximately $250 milliond of Sands China common stock, expected to be completed in the first half of 2024. Unrestricted cash was $5.11 billion at December 31, 2023, and total debt outstanding, excluding finance leases and financed purchases, was $14.01 billion.
02—Key points
Key Highlights
- Net revenues of $2.92 billion for Q4 2023, up 161.0% from $1.12 billion in Q4 2022
- Net income from continuing operations of $469 million for the quarter, versus a net loss of $269 million a year earlier
- Consolidated adjusted property EBITDA of $1.20 billion, compared to $222 million in the prior year quarter
- Macao adjusted property EBITDA of $654 million; Marina Bay Sands adjusted property EBITDA of $544 million
- Repurchased $505 million of common stock during the quarter; $1.50 billion remains under the authorization
- Agreement to purchase approximately $250 million of Sands China common stock, to be completed in the first half of 2024
- Unrestricted cash of $5.11 billion and total debt outstanding of $14.01 billion as of December 31, 2023
03—Questions
Frequently Asked Questions
How did Las Vegas Sands perform in the fourth quarter of 2023?
Net revenues were $2.92 billion, operating income was $710 million, and net income from continuing operations was $469 million. Consolidated adjusted property EBITDA was $1.20 billion, compared with an operating loss of $166 million, a net loss of $269 million, and adjusted property EBITDA of $222 million in the fourth quarter of 2022.
What drove the results in Macao and Singapore?
Macao adjusted property EBITDA was $654 million, reduced by $40 million from low hold on rolling play. Marina Bay Sands adjusted property EBITDA was $544 million, boosted by $71 million from high hold on rolling play. Management cited an ongoing recovery across all segments in Macao and strong performance at Marina Bay Sands.
How is the company returning capital to stockholders?
During the quarter the company repurchased $505 million of its common stock, approximately 11 million shares at a weighted average price of $45.40, and $1.50 billion remains under the repurchase program. It paid a quarterly dividend of $0.20 per share and announced another $0.20 dividend payable February 14, 2024, to holders of record on February 6, 2024.
What is the Sands China stock purchase agreement?
The company agreed to purchase approximately $250 million of Sands China Ltd. common stock, to be completed in the first half of 2024. Upon settlement, the company expects its ownership interest in Sands China to increase.
What is the company's liquidity and debt position?
As of December 31, 2023, unrestricted cash was $5.11 billion, and $4.44 billion was available for borrowing under U.S., SCL and Singapore revolving credit facilities, net of letters of credit. Total debt outstanding, excluding finance leases and financed purchases, was $14.01 billion, and the weighted average borrowing cost was 5.2% in the fourth quarter.
04—Continue