Las Vegas Sands Corp. reported financial results for the fourth quarter that showed big gains in net revenue, operating income, and adjusted earnings boosted by its resorts in Macau and Singapore.
Sands reported net revenue was $2.92 billion, an increase of 161% from the Q4 2022. Operating income was $710 million compared to an operating loss of $166 million year over year.
Net income from continuing operations in the fourth quarter was $469 million compared to a net loss from continuing operations of $269 million in the fourth quarter of 2022.
Consolidated adjusted property EBITDA was $1.2 billion compared to $222 million in 2022.
For 2023 as a whole, operating income was $2.31 billion compared to an operating loss of $792 million in 2022.
Net income from continuing operations was $1.43 billion, or $1.62 per diluted share. This compared to a net loss of $1.54 billion, or $1.40 per diluted share, in 2022.
“Our financial and operating results for the quarter reflect the ongoing improvement in the operating environment in both Macau and Singapore,” said Chairman and CEO Rob Goldstein.
Goldstein said the ongoing recovery across all segments continued during the quarter. “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 ongoing recovery in travel and tourism spend progresses.”
In Singapore, Marina Bay Sands delivered “outstanding levels of financial and operating performance,” Goldstein said. “Our new suite product and elevated service offerings position us well as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues to advance. We’re fortunate that 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.”
LVS repurchased $505 million shares under its share-repurchase program during the quarter and said it plans to return excess capital to stockholders in the future. In addition, LVS entered into an agreement during the quarter to purchase about $250 million of Sands China stock, which upon settlement of the agreement is expected to increase the company’s ownership interest in Sands China.
Total net revenue for Sands China Limited increased 323% to $1.86 billion compared to the fourth quarter of 2022. Net income for SCL was $288 million compared to a net loss of $348 million in Q4 2022. For 2023, total net revenues for SCL increased 307% to $6.53 billion compared to 2022. Net income for SCL was $696 million in 2023 compared to a net loss of $1.58 billion in 2022.
