For the full Q1 report click here, the following is a short summary:
Las Vegas Sands reported its financial results for the first quarter of 2024, ending March 31. The company saw a significant increase in its financial performance, with net revenue rising to $2.96 billion from $2.12 billion in the previous year. Net income also saw a sharp increase to $583 million from $145 million in the prior year. The company highlighted strong growth in Macao and Singapore, attributing it to ongoing recovery and substantial capital investments in these regions.
The adjusted property EBITDA in Macao was $610 million, although it faced a $31 million negative impact due to low hold on rolling play. In contrast, Marina Bay Sands in Singapore reported an adjusted property EBITDA of $597 million, positively influenced by a high hold that added $77 million. Additionally, the company repurchased $450 million of its common stock and plans to continue returning excess capital to shareholders. Overall, Las Vegas Sands remains optimistic about its growth prospects in its primary markets and its strategic investments aimed at enhancing its position in the global tourism and leisure industries
