Las Vegas Sands reported financial results for the second quarter that show year-over-year gains in revenue, income, and adjusted earnings.
Net revenue was $2.76 billion compared to $2.54 billion in the prior-year quarter. Operating income was $591 million compared to $537 million in the prior-year quarter. Net income in the second quarter of 2024 was $424 million compared to $368 million. Consolidated adjusted property EBITDA was $1.07 billion compared to $973 million.
Ahead of the earnings release on Wednesday, LVS stock closed at $40.32, just above the 52-week low of $40.17. The 52-week high is $60.47 recorded nearly a year ago. The stock is down $11 so far this year.
“Our financial and operating results for the second quarter of 2024 reflect growth in both Macau and Singapore compared to the second quarter of 2023,” said Chairman and CEO Rob Goldstein. “We remain enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead, as we execute our substantial capital-investment programs in both Macau and Singapore.”
In Macau, Goldstein said the ongoing recovery continued during the quarter, although visitation to the market remains well below the levels reached prior to the pandemic.
“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 well as the recovery in travel and tourism spending progresses,” Goldstein said.
In Singapore, Goldstein said the Marina Bay Sands delivered strong financial and operating performance. Its new suite product and elevated service offerings position LVS for additional growth as travel and tourism spending in Asia continues to advance.
“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital-expenditure programs in both Macau and Singapore, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders,” Goldstein said.
Capital expenditures during the second quarter totaled $285 million, including construction, development, and maintenance activities of $140 million at Marina Bay Sands, $131 million in Macau, and $14 million in corporate, development, and other categories.
On a GAAP basis, total net revenue for Sands China increased 8% to $1.75 billion compared to the second quarter of 2023. Net income for SCL was $246 million compared to $187 million.
Interest expense, net of amounts capitalized, was $186 million for the second quarter compared to $210 million in the prior year quarter. The weighted average borrowing cost was 5% during the second quarter of 2024 compared to 5.4% during the second quarter of 2023.
During the second quarter of 2024, LVS repurchased $400 million of common stock, about nine million shares at a weighted average price of $45.77. The remaining amount authorized under the share repurchase program is $645 million.
The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company’s financial position, earnings, legal requirements, other investment opportunities and market conditions, Goldstein said.
LVS paid a quarterly dividend of $0.20 per common share during the quarter. Its next quarterly dividend of $0.20 per common share will be paid on August 14th to stockholders of record on August 6.
