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Las Vegas Sands 8-K Report, Financial Results (Oct 23, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 23, 2024
Period End
October 23, 2024
Security
LVS
In the record · 2016–202610-K1110-Q338-K174

LVS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 174 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Nov ’18Nov ’18
  2. Leadership change8-K · Jan ’21Jan ’21
  3. Material agreement8-K · Dec ’22Dec ’22
  4. Material agreement8-K · Nov ’26Nov ’26

01—Abstract

Summary

Summary of the 8-K filed October 23, 2024. Cited figures are marked; the original filing is the authoritative source.

Las Vegas Sands Corp. furnished a Form 8-K under Item 2.02 on October 23, 2024, attaching a press release reporting its results for the quarter ended September 30, 2024.

Net revenues were $2.68 billion, compared to $2.80 billiona in the prior-year quarter. Operating income was $504 million (versus $688 million), and net income was $353 million (versus $449 million). Consolidated adjusted property EBITDA was $991 million, compared to $1.12 billion a year earlier.

Management attributed the weaker quarter to lower-than-expected hold in Singapore and disruption from ongoing development work at The Londoner Macao. Low Rolling Chip hold reduced Macao adjusted property EBITDA by $2 millionb and Marina Bay Sands adjusted property EBITDA by $78 million. On capital returns, the company repurchased $450 million of common stock during the quarter.

On October 22, 2024, the Board increased the remaining repurchase authorization from $195 million to $2.0 billionc and extended its expiration to November 3, 2026. The Board also announced a $0.20 increase to the recurring common stock dividend for calendar 2025, raising the annual rate to $1.00 per share ($0.25 per quarter). The company separately acquired $44 million of Sands China Ltd. stock, which the press release says raised its ownership of SCL to 71.31%.

Balance sheet items include unrestricted cash of $4.21 billiond, $4.47 billion available for borrowing under revolving facilities, and total debt of $13.88 billion excluding finance leases and financed purchases. On October 23, 2024, SCL entered into a new credit facility comprising a HKD 19.50 billion revolving facility and a HKD 12.95 billion term loan, with the term loan usable to repay SCL's 5.125% Senior Notes due August 2025.

02—Key points

Key Highlights

  1. Net revenues of $2.68 billion vs. $2.80 billion in Q3 2023; net income of $353 million vs. $449 million.
  2. Consolidated adjusted property EBITDA of $991 million vs. $1.12 billion in Q3 2023; Marina Bay Sands contributed $406 million and Macao Operations $585 million.
  3. Low hold cited as a headwind: Rolling Play hold reduced Marina Bay Sands adjusted property EBITDA by $78 million and Macao by $2 million.
  4. Repurchased $450 million of common stock in the quarter; Board increased the remaining authorization to $2.0 billion, expiring November 3, 2026.
  5. Board raised the 2025 annual recurring dividend to $1.00 per share ($0.25 quarterly) from $0.80, a $0.20 increase.
  6. Sands China stake increased to 71.31% after acquiring $44 million of SCL stock.
  7. New SCL credit facilities of HKD 19.50 billion revolving and HKD 12.95 billion term loan (approximately $2.51 billion and $1.67 billion) entered October 23, 2024.

03—Questions

Frequently Asked Questions

  1. How did Las Vegas Sands perform in the third quarter of 2024?

    Net revenues were $2.68 billion, down from $2.80 billion a year earlier. Operating income fell to $504 million from $688 million, and net income was $353 million versus $449 million. Management pointed to lower-than-expected hold in Singapore and disruption from development work at The Londoner Macao.

  2. How much stock did the company repurchase, and what is the remaining authorization?

    The company repurchased $450 million of common stock during the third quarter, about 11 million shares at a weighted average price of $39.36. As of September 30, 2024, $195 million remained under the program. On October 22, 2024, the Board increased that amount to $2.0 billion and extended the expiration to November 3, 2026.

  3. What changes were announced to the dividend?

    The Board announced that the recurring common stock dividend for calendar 2025 will increase by $0.20, to an annual rate of $1.00 per share, or $0.25 per quarter. The quarterly dividend of $0.20 declared for the current period is payable November 13, 2024, to holders of record on November 5, 2024.

  4. What is the company's liquidity position?

    As of September 30, 2024, unrestricted cash was $4.21 billion and $4.47 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 $13.88 billion.

  5. What did the new Sands China financing involve?

    On October 23, 2024, SCL entered into a new facility agreement with a HKD 19.50 billion unsecured revolving facility and a HKD 12.95 billion unsecured term loan, approximately $2.51 billion and $1.67 billion at October 23, 2024 exchange rates. The term loan can be used to repay SCL's 5.125% Senior Notes due August 2025, and SCL's 2018 credit facility commitments were terminated.

04—Continue

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