Las Vegas Sands reported year-over-year fourth quarter declines in revenue, income and adjusted earnings.
Releasing Q4 and full-year earnings Wednesday, the company announced net revenue for the quarter was $2.9 billion, a decrease of 0.7% from Q4 2023. Operating income was $590 million compared to $710 million in the prior-year quarter. Net income in the fourth quarter of 2024 was $392 million compared to $469 million in 2023.
Consolidated adjusted property EBITDA was $1.11 billion, compared to $1.20 billion in the prior year quarter.
The company said Macau’s adjusted property EBITDA of $571 million was affected by low hold on play that impacted it by $22 million.
Marina Bay Sands in Singapore saw adjusted property EBITDA of $537 million with a high hold of rolling play having a positive impact of $2 million.
“We continued to execute our strategic objectives during the quarter,” said Chairman and CEO Rob Goldstein. “We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macau and Singapore in the years ahead as we execute our capital investment programs in both markets.”
In Macau, Goldstein said the ongoing recovery continued during the quarter although spend-per-visitor in the market remained 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, Marina Bay Sands continued to deliver “outstanding financial and operating performance,” Goldstein said, adding that its new suite product and elevated service offerings position the operator for additional growth as travel and tourism spending in Asia expands.
“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.
Las Vegas Sands repurchased $450 million of LVS shares under its share repurchase program during the quarter and paid its recurring quarterly dividend. LVS also purchased $250 million of Sands China Limited stock during the quarter and in January 2025, bringing its ownership interest to 72.3%.
Full year 2024 operating income was $2.4 billion compared to $2.31 billion in 2023. Net income attributable to Las Vegas Sands was $1.45 billion or $1.96 per diluted share in 2024. This compared to $1.22 billion or $1.60 per diluted share, in 2023.
On a GAAP basis, total net revenues for Sands China decreased 5% to $1.76 billion compared to the fourth quarter of 2023. Net income for Sands China was $237 million compared to $288 million in the fourth quarter of 2023.
On a GAAP basis, 2024 total net revenues for Sands China increased 8.4% to $7.08 billion compared to 2023. Net income for Sands China was $1.05 billion in 2024, compared to $696 million in 2023.
Unrestricted cash balances as of December 31st were $3.65 billion.
The company says it has access to $4.44 billion available for borrowing under its U.S., Sands China and Singapore revolving credit facilities, net of outstanding letters of credit. As of December 31st, total debt outstanding, excluding finance leases and financed purchases, was $13.62 billion.
Capital expenditures during the fourth quarter totaled $547 million, including construction, development and maintenance activities of $345 million in Macau and $194 million at Marina Bay Sands.
