The Las Vegas Sands Corp. reported third-quarter earnings Wednesday that indicate the ongoing recovery of spending in Macau and Singapore.
Net revenue was $2.8 billion, compared to $1.01 billion in the third quarter of 2022. Operating income was $688 million, compared to an operating loss of $177 million in the prior-year’s quarter.
Net income from continuing operations in the third quarter was $449 million, compared to a net loss from continuing operations of $380 million in the third quarter of 2022.
Consolidated adjusted property EBITDA was $1.12 billion, compared to $191 million year over year.
“We remain enthusiastic about our opportunities for growth in both markets in the years ahead,” said Rob Goldstein, Sands’s chairman and CEO. “In Macau, we were pleased to see the recovery in both gaming and non-gaming segments progress 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 exceedingly well to deliver strong growth as the recovery in travel and tourism spending proceeds.”
In Singapore, Marina Bay Sands delivered “outstanding levels of financial and operating performance,” Goldstein said. Sands’s new suites and service offerings position the company to deliver future growth, as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues, he said.
“Our commitment to making industry-leading investments in our team members, our communities, and our integrated-resort portfolio positions us exceptionally well to deliver strong growth in the years ahead,” Goldstein said. “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.”
After reinstating its dividend last quarter, Goldstein announced that the board of directors has authorized $2 billion of share repurchases under its stock-repurchase program through 2025. It plans to resume its share repurchases in the fourth quarter.
Total net revenues for Sands China Limited increased to $1.78 billion compared to $251 million in the third quarter of 2022. Net income for SCL was $231 million, compared to a net loss of $472 million year over year.
Capital expenditures during the third quarter totaled $330 million, including construction, development, and maintenance activities of $141 million at Marina Bay Sands, $44 million in Macau, and $145 million in corporate, development, and other expenses.
