How did Las Vegas Sands perform in the fourth quarter of 2024?

Net revenues were $2.90 billion, a 0.7% decrease from the prior-year quarter. Operating income fell to $590 million from $710 million, and net income declined to $392 million from $469 million. Consolidated adjusted property EBITDA was $1.11 billion, versus $1.20 billion a year earlier.

What drove the Macao and Marina Bay Sands results?

The filing states that low hold on rolling play in Macao negatively impacted Macao Adjusted Property EBITDA by $22 million, while high hold on rolling play at Marina Bay Sands positively impacted its Adjusted Property EBITDA by $2 million. Macao Adjusted Property EBITDA was $571 million and Marina Bay Sands was $537 million for the quarter.

How did full-year 2024 results compare with 2023?

Operating income rose to $2.40 billion from $2.31 billion, and net income attributable to Las Vegas Sands increased to $1.45 billion, or $1.96 per diluted share, from $1.22 billion, or $1.60 per diluted share. Sands China full-year net revenues increased 8.4% to $7.08 billion.

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

The company repurchased $450 million of its common stock, about 9 million shares at a weighted average price of $51.10, and had $1.55 billion remaining under its repurchase authorization at December 31, 2024. It also bought $250 million of SCL common stock, increasing its SCL ownership to 72.3% as of January 7, 2025. Quarterly capital expenditures totaled $547 million.

What is the company's liquidity and debt position?

At December 31, 2024, unrestricted cash was $3.65 billion and total debt outstanding, excluding finance leases and financed purchases, was $13.62 billion. The company had $4.44 billion available for borrowing under its U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

LVS 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed January 29, 2025. Cited figures are marked; the original filing is the authoritative source.

Las Vegas Sands Corp. furnished a press release under Item 2.02 reporting its results for the fourth quarter ended December 31, 2024.

For the quarter, net revenues were $2.90 billion^a, a decrease of 0.7% from the prior year quarter, operating income was $590 million (versus $710 million), and net income was $392 million (versus $469 million). Consolidated adjusted property EBITDA was $1.11 billion, compared to $1.20 billion a year earlier. Macao Adjusted Property EBITDA was $571 million and Marina Bay Sands Adjusted Property EBITDA was $537 million, with low hold on rolling play in Macao negatively affecting results by $22 million.

For full year 2024, operating income was $2.40 billion, compared to $2.31 billion^b in 2023, and net income attributable to Las Vegas Sands was $1.45 billion, or $1.96 per diluted share, versus $1.22 billion, or $1.60 per diluted share, in 2023. Sands China Ltd. (SCL) net revenues decreased 5.0% to $1.76 billion for the quarter, while full-year SCL net revenues increased 8.4% to $7.08 billion. On capital allocation, the company repurchased $450 million of its common stock during the quarter and purchased $250 million of SCL stock, raising its SCL ownership to 72.3% as of January 7, 2025.

Unrestricted cash was $3.65 billion^c at December 31, 2024, total debt outstanding (excluding finance leases and financed purchases) was $13.62 billion, and $4.44 billion was available for borrowing under revolving credit facilities. Quarterly capital expenditures totaled $547 million, and the next quarterly dividend is $0.25 per share, payable February 19, 2025.

02—Key points

Key Highlights

Q4 2024 net revenues of $2.90 billion, down 0.7% year over year; net income of $392 million versus $469 million in Q4 2023.
Consolidated adjusted property EBITDA of $1.11 billion, compared with $1.20 billion in the prior-year quarter.
Full-year 2024 net income attributable to Las Vegas Sands of $1.45 billion, or $1.96 per diluted share, up from $1.60 per diluted share in 2023.
Sands China Ltd. full-year 2024 net revenues rose 8.4% to $7.08 billion, while Q4 SCL net revenues fell 5.0% to $1.76 billion.
Repurchased $450 million of LVS common stock in Q4 and bought $250 million of SCL stock, lifting ownership in SCL to 72.3%.
Year-end unrestricted cash of $3.65 billion; total debt of $13.62 billion; $4.44 billion available under revolving credit facilities.
Quarterly dividend of $0.25 per share declared for payment on February 19, 2025, to holders of record on February 10, 2025.

03—Questions

Frequently Asked Questions

How did Las Vegas Sands perform in the fourth quarter of 2024?
Net revenues were $2.90 billion, a 0.7% decrease from the prior-year quarter. Operating income fell to $590 million from $710 million, and net income declined to $392 million from $469 million. Consolidated adjusted property EBITDA was $1.11 billion, versus $1.20 billion a year earlier.
What drove the Macao and Marina Bay Sands results?
The filing states that low hold on rolling play in Macao negatively impacted Macao Adjusted Property EBITDA by $22 million, while high hold on rolling play at Marina Bay Sands positively impacted its Adjusted Property EBITDA by $2 million. Macao Adjusted Property EBITDA was $571 million and Marina Bay Sands was $537 million for the quarter.
How did full-year 2024 results compare with 2023?
Operating income rose to $2.40 billion from $2.31 billion, and net income attributable to Las Vegas Sands increased to $1.45 billion, or $1.96 per diluted share, from $1.22 billion, or $1.60 per diluted share. Sands China full-year net revenues increased 8.4% to $7.08 billion.
What did the company do with its capital in the quarter?
The company repurchased $450 million of its common stock, about 9 million shares at a weighted average price of $51.10, and had $1.55 billion remaining under its repurchase authorization at December 31, 2024. It also bought $250 million of SCL common stock, increasing its SCL ownership to 72.3% as of January 7, 2025. Quarterly capital expenditures totaled $547 million.
What is the company's liquidity and debt position?
At December 31, 2024, unrestricted cash was $3.65 billion and total debt outstanding, excluding finance leases and financed purchases, was $13.62 billion. The company had $4.44 billion available for borrowing under its U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

04—Continue

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