Las Vegas Sands reports second-quarter earnings

July 19, 2023 9:02 PM
Photo: Shutterstock
  • Buck Wargo, CDC Gaming Reports
July 19, 2023 9:02 PM
  • Buck Wargo, CDC Gaming Reports
  • Macau
  • Nevada
  • Singapore

Las Vegas Sands Corp. Wednesday reported financial results for the second quarter that showed a jump in net revenue and operating income over 2022.

Net revenue was $2.54 billion compared to $1.05 billion in the second quarter of 2022. Operating income was $537 million compared to an operating loss of $147 million in the prior-year quarter. Net income from continuing operations in the second quarter of 2023 was $368 million compared to a net loss from continuing operations of $414 million in second-quarter 2022.

“We were pleased to see the robust recovery in travel and tourism spending underway in both Macau and Singapore progress during the quarter,” said Chairman and CEO Rob Goldstein. “We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout the remainder of 2023 and in the years ahead.”

Consolidated adjusted property EBITDA was $973 million compared to $209 million in the prior-year quarter.

“In Singapore, Marina Bay Sands again delivered outstanding levels of performance in all segments, with mass gaming revenue reaching another record result,” Goldstein said. “We remain energized by the opportunity to introduce our new suite product and elevated service offerings to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.”

In Macau, Goldstein said they saw the ongoing recovery in all gaming and non-gaming segments progress during the quarter. They remain enthusiastic about the opportunity to continue their investments to enhance Macau’s tourism appeal to travelers from throughout the region, including to foreign visitors.

“Our decades-long commitment to making investments that enhance the business and leisure-tourism appeal of Macau and support its development as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds,” Goldstein said.

Capital expenditures during the second quarter totaled $196 million, including construction, development, and maintenance activities of $144 million at Marina Bay Sands, $42 million in Macau, and $10 million in corporate and other.

“Our financial strength supports our ongoing investment and capital-expenditure programs in both Macau and Singapore, our pursuit of growth opportunities in new markets, and the return of capital to stockholders,” Goldstein said.

The company announced the resumption of its program to return capital to stockholders. The company’s quarterly dividend has been reinstated at $0.20 per common share. The next dividend will be paid on August 16 to Sands stockholders of record on August 8.