Which segments drove adjusted property EBITDA?

Consolidated adjusted property EBITDA was $1.07 billion versus $973 million. Macao operations contributed $561 million and Marina Bay Sands contributed $512 million. The company attributed $64 million of Marina Bay Sands' adjusted property EBITDA to high hold on rolling play, and a $4 million reduction in Macao to low hold on rolling play.

What did the company do with its capital in the quarter?

It repurchased $400 million of common stock (about 9 million shares at a weighted average price of $45.77), leaving $645 million under its repurchase authorization. It paid a $0.20 quarterly dividend, will pay the next $0.20 dividend on August 14, 2024, and spent $285 million on capital expenditures.

What is the company's debt and liquidity position?

As of June 30, 2024, unrestricted cash was $4.71 billion, $4.43 billion was available for borrowing under its U.S., SCL and Singapore revolving credit facilities net of letters of credit, and total debt excluding finance leases and financed purchases was $13.72 billion. Weighted average borrowing cost was 5.0% versus 5.4% a year earlier.

What debt transactions occurred during the quarter?

On May 16, 2024, the company issued $1.75 billion of senior unsecured notes in three series: $750 million of 5.900% notes due June 1, 2027, $500 million of 6.000% notes due August 15, 2029, and $500 million of 6.200% notes due August 15, 2034. Net proceeds and cash on hand were used to redeem in full the $1.75 billion 3.200% Senior Notes due August 8, 2024. The company also repurchased $175 million of its 5.125% SCL Senior Notes due August 8, 2025.

LVS 8-K: Earnings & Results

Q: How did Las Vegas Sands perform in the second quarter of 2024?

Net revenue was $2.76 billion versus $2.54 billion in Q2 2023, operating income was $591 million versus $537 million, and net income was $424 million versus $368 million. Net income attributable to Las Vegas Sands Corp. was $353 million, or $0.48 per diluted share, compared with $0.41 a year earlier.

01—Abstract

Summary

Summary of the 8-K filed July 24, 2024. Cited figures are marked; the original filing is the authoritative source.

Las Vegas Sands Corp. furnished a press release reporting second-quarter 2024 results for the quarter ended June 30, 2024.

Net revenue was $2.76 billion^a, compared with $2.54 billion in the prior-year quarter. Operating income was $591 million (versus $537 million), and net income was $424 million (versus $368 million). Net income attributable to Las Vegas Sands Corp. was $353 million, or $0.48 per diluted share, compared with $312 million, or $0.41, a year earlier.

Consolidated adjusted property EBITDA rose to $1.07 billion^b from $973 million. Marina Bay Sands contributed $512 million of adjusted property EBITDA and Macao operations contributed $561 million. The company said Macao's low hold on rolling play reduced its adjusted property EBITDA by $4 million, while high hold on rolling play at Marina Bay Sands increased that segment's adjusted property EBITDA by $64 million.

Capital allocation and balance sheet items were also disclosed. The company repurchased $400 million^c of common stock (about 9 million shares at a weighted average price of $45.77), leaving $645 million remaining under its repurchase program, and paid a $0.20 quarterly dividend. Unrestricted cash was $4.71 billion and total debt, excluding finance leases and financed purchases, was $13.72 billion, with $4.43 billion available for borrowing under its revolving credit facilities.

In May 2024 the company issued $1.75 billion^d of senior unsecured notes and used the proceeds and cash on hand to redeem in full its $1.75 billion 3.200% Senior Notes due August 8, 2024. It also repurchased $175 million of its 5.125% SCL Senior Notes due August 8, 2025. Second-quarter capital expenditures totaled $285 million.

Interest expense, net of amounts capitalized, fell to $186 million from $210 million, and the weighted average borrowing cost was 5.0% versus 5.4%. The filing furnishes the results under Item 2.02 and includes non-GAAP measures (adjusted net income, adjusted earnings per diluted share, and consolidated adjusted property EBITDA) with reconciliations to GAAP figures in the press release exhibits. In those reconciliations, adjusted earnings per diluted share were $0.55 versus $0.46 in the prior-year quarter.

02—Key points

Key Highlights

Net revenue of $2.76 billion, up from $2.54 billion in Q2 2023; operating income of $591 million versus $537 million.
Net income attributable to Las Vegas Sands Corp. of $353 million, or $0.48 per diluted share, versus $312 million, or $0.41, a year earlier.
Consolidated adjusted property EBITDA of $1.07 billion versus $973 million; Marina Bay Sands contributed $512 million and Macao operations $561 million.
Marina Bay Sands high hold on rolling play added $64 million to adjusted property EBITDA; low hold in Macao reduced it by $4 million.
Repurchased $400 million of common stock in the quarter, leaving $645 million remaining under the program; quarterly dividend of $0.20 per share maintained.
Refinanced debt: issued $1.75 billion of senior notes in May 2024 to redeem the $1.75 billion 3.200% notes due August 2024, and repurchased $175 million of SCL 5.125% notes due 2025.
Liquidity of $4.71 billion in unrestricted cash and $4.43 billion available under revolving credit facilities, against total debt of $13.72 billion; interest expense fell to $186 million from $210 million.

03—Questions

Frequently Asked Questions

How did Las Vegas Sands perform in the second quarter of 2024?
Net revenue was $2.76 billion versus $2.54 billion in Q2 2023, operating income was $591 million versus $537 million, and net income was $424 million versus $368 million. Net income attributable to Las Vegas Sands Corp. was $353 million, or $0.48 per diluted share, compared with $0.41 a year earlier.
Which segments drove adjusted property EBITDA?
Consolidated adjusted property EBITDA was $1.07 billion versus $973 million. Macao operations contributed $561 million and Marina Bay Sands contributed $512 million. The company attributed $64 million of Marina Bay Sands' adjusted property EBITDA to high hold on rolling play, and a $4 million reduction in Macao to low hold on rolling play.
What did the company do with its capital in the quarter?
It repurchased $400 million of common stock (about 9 million shares at a weighted average price of $45.77), leaving $645 million under its repurchase authorization. It paid a $0.20 quarterly dividend, will pay the next $0.20 dividend on August 14, 2024, and spent $285 million on capital expenditures.
What is the company's debt and liquidity position?
As of June 30, 2024, unrestricted cash was $4.71 billion, $4.43 billion was available for borrowing under its U.S., SCL and Singapore revolving credit facilities net of letters of credit, and total debt excluding finance leases and financed purchases was $13.72 billion. Weighted average borrowing cost was 5.0% versus 5.4% a year earlier.
What debt transactions occurred during the quarter?
On May 16, 2024, the company issued $1.75 billion of senior unsecured notes in three series: $750 million of 5.900% notes due June 1, 2027, $500 million of 6.000% notes due August 15, 2029, and $500 million of 6.200% notes due August 15, 2034. Net proceeds and cash on hand were used to redeem in full the $1.75 billion 3.200% Senior Notes due August 8, 2024. The company also repurchased $175 million of its 5.125% SCL Senior Notes due August 8, 2025.

04—Continue

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