Las Vegas Sands Corp (LVS, Financial), a leading global developer and operator of convention-based Integrated Resorts, released its financial results for Q3 2023 on October 18, 2023. The company reported a strong recovery in travel and tourism spending in both Macao and Singapore, contributing to a significant increase in net revenue and net income compared to the same period last year.
Financial Highlights
For the quarter ended September 30, 2023, Las Vegas Sands Corp (LVS, Financial) reported net revenue of $2.80 billion, a substantial increase from $1.01 billion in the prior year quarter. The company's operating income was $688 million, compared to an operating loss of $177 million in Q3 2022. Net income from continuing operations for Q3 2023 was $449 million, a significant turnaround from a net loss of $380 million in the same quarter of the previous year.
The company's Sands China Ltd. subsidiary also reported strong financial results. On a GAAP basis, total net revenues for SCL increased to $1.78 billion, compared to $251 million in Q3 2022. Net income for SCL was $231 million, a significant improvement from a net loss of $472 million in the same period last year.
Stockholder Returns and Balance Sheet Items
Las Vegas Sands Corp (LVS, Financial) announced a quarterly dividend of $0.20 per common share during the quarter. The next quarterly dividend of $0.20 per common share will be paid on November 15, 2023, to Las Vegas Sands stockholders of record on November 7, 2023. Furthermore, the company's Board of Directors authorized increasing the amount of its outstanding common stock authorized to be repurchased from $916 million to $2.0 billion and extending the expiration date of this authorization to November 3, 2025.
As of September 30, 2023, the company reported unrestricted cash balances of $5.57 billion. The company also has access to $4.17 billion available for borrowing under its U.S., SCL, and Singapore revolving credit facilities, net of outstanding letters of credit. Total debt outstanding, excluding finance leases and financed purchases, was $14.17 billion.
Future Outlook
Las Vegas Sands Corp (LVS, Financial) remains optimistic about its growth opportunities in both Macao and Singapore markets. The company's financial strength supports its ongoing investment and capital expenditure programs in both markets, as well as the pursuit of growth opportunities in new markets and the return of capital to stockholders.
