On July 24, 2024, Las Vegas Sands Corp (LVS, Financial) released its 8-K filing for the second quarter ended June 30, 2024. Las Vegas Sands is the world's largest operator of fully integrated resorts, featuring casino, hotel, entertainment, food and beverage, retail, and convention center operations. The company owns the Venetian Macao, Sands Macao, Londoner Macao, Four Seasons Hotel Macao, and Parisian Macao, as well as the Marina Bay Sands resort in Singapore. We expect Sands to open a fourth tower in Singapore toward the end of 2028. Its Venetian and Palazzo Las Vegas assets in the U.S. were sold to Apollo and VICI in 2022. With the sale of its Vegas assets, the company generates all its EBITDA from Asia, with its casino operations generating the majority of sales.
Performance Overview
Las Vegas Sands Corp (LVS, Financial) reported net revenue of $2.76 billion for Q2 2024, slightly below the analyst estimate of $2.803 billion. However, the company missed earnings per share (EPS) expectations, reporting $0.48 per share compared to the estimated $0.56 per share. The net income for the quarter was $424 million, up from $368 million in the same period last year.
Key Financial Achievements
Las Vegas Sands Corp (LVS, Financial) achieved consolidated adjusted property EBITDA of $1.07 billion, compared to $973 million in the prior year quarter. The Macao operations contributed $561 million to the adjusted property EBITDA, while Marina Bay Sands in Singapore added $512 million. The company repurchased $400 million of common stock during the quarter, reflecting its commitment to returning capital to shareholders.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Net Revenue | $2.76 billion | $2.54 billion |
| Operating Income | $591 million | $537 million |
| Net Income | $424 million | $368 million |
| Adjusted Property EBITDA | $1.07 billion | $973 million |
Balance Sheet and Cash Flow
As of June 30, 2024, Las Vegas Sands Corp (LVS, Financial) reported unrestricted cash balances of $4.71 billion. The company has access to $4.43 billion available for borrowing under its U.S., SCL, and Singapore revolving credit facilities. Total debt outstanding was $13.72 billion. Capital expenditures during the quarter totaled $285 million, with significant investments in Marina Bay Sands and Macao.
Commentary and Analysis
"Our financial and operating results for the second quarter of 2024 reflect growth in both Macao and Singapore compared to the second quarter of 2023. We remain enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead, as we execute our substantial capital investment programs in both Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer.
The company's performance in Q2 2024 highlights its resilience and strategic focus on the Asian market. Despite challenges such as lower visitation levels in Macao compared to pre-pandemic times, Las Vegas Sands Corp (LVS, Financial) continues to leverage its strong financial position to invest in growth opportunities and return capital to shareholders.
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Explore the complete 8-K earnings release (here) from Las Vegas Sands Corp for further details.
