Las Vegas Sands Corp. (LVS) Q1 2024 results beats expectations; 39.6% Y/Y growth

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on Apr 17, 2024
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  • LVS reports Q1 2024 net revenue of $2.96B, up 39.6% Y/Y, with net income of $583M.
  • Macao Adjusted Property EBITDA reaches $610M; Marina Bay Sands reports $597M.
  • LVS repurchased $450M of Common Stock and paid quarterly dividend of $0.20 per share.

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Las Vegas Sands Corp. (NYSE:LVS) has reported a robust financial performance in the first quarter of 2024, exceeding market expectations and demonstrating resilience amidst dynamic market conditions.

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The renowned developer and operator of convention-based Integrated Resorts reported a net revenue of $2.96 billion for the quarter ended March 31, 2024. This figure, coupled with a net income of $583 million, showcases the company’s ability to generate substantial returns in its operating segments.

Las Vegas Sands (LVS) Q1 performance

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In Macao, Las Vegas Sands achieved a notable Adjusted Property EBITDA of $610 million. However, the segment faced challenges due to a low hold on rolling play, which resulted in a $31 million reduction in Adjusted Property EBITDA.

Conversely, Marina Bay Sands in Singapore achieved an Adjusted Property EBITDA of $597 million, benefiting from a high hold on rolling play, leading to a $77 million increase in Adjusted Property EBITDA.

Las Vegas Sands’ strategic initiatives

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Las Vegas Sands remains committed to strategic investments aimed at enhancing its market position and delivering sustainable growth.

The company’s ongoing capital expenditure programs in Macao and Singapore underscore its confidence in future market opportunities.

Moreover, Las Vegas Sands’ financial strength and industry-leading cash flow enable it to pursue growth initiatives while returning excess capital to shareholders.

During the first quarter of 2024, the company repurchased quite a chunk of its common stock, reaffirming its commitment to enhancing shareholder value.

Sands China Ltd., a subsidiary of Las Vegas Sands, reported impressive financial results for the quarter. Total net revenues surged by 42% to $1.80 billion compared to the same period in the previous year. Net income for Sands China Ltd. reached $297 million, marking a significant turnaround from a net loss of $10 million in the first quarter of 2023.

LVS stockholder returns

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Las Vegas Sands (LVS) continues to prioritize shareholder returns, as evidenced by its stock repurchase activities and dividend payments.

The company repurchased $450 million of its common stock during the first quarter of 2024 and paid a quarterly dividend of $0.20 per common share.

Looking ahead, the company remains optimistic about its growth prospects in Macao, Singapore, and other potential markets.

With a robust balance sheet and strategic investments in place, the company is well-positioned to capitalize on emerging opportunities and drive long-term value for its stakeholders.

LVS stockholders can anticipate sustained performance and strategic initiatives aimed at delivering shareholder value amidst evolving market dynamics.

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