Casino giant Las Vegas Sands has reported a net revenue of $2.96 billion for the quarter ended March 31, 2024, marking an increase from $2.12 billion in the prior year and going beyond analysts’ estimates of $2.94 billion.
The growth was buoyed by consistent tourist activity in Macau and robust performance in its Singapore operations, driven by its Marina Bay Sands venue. The Nevada-based company anticipates continued growth as it implements capital investment initiatives in both the Macau and Singapore markets.
Capital expenditures during the first quarter totaled $196 million, including construction, development and maintenance activities of $99 million at Marina Bay Sands, $90 million in Macao and $7 million in corporate, development and other.
The company’s China business saw improvements as tourism approached pre-pandemic levels, following the easing of pandemic-related restrictions in the major gambling destination of Macau.
Adjusted earnings came in at 75 cents per share, while analysts on average expected earnings of 62 cents per share.
Operating income was $717 million, considerably up from $378 million in the same period last year; and net income in the first quarter of 2024 was $583 million, a notable increase from the $145 million it reported in the same period of 2023.
Meanwhile, consolidated adjusted property EBITDA was $1.21 billion, compared to $792 million in the prior year’s quarter. Fueled by strong performance in tenant sales and mass gaming, the company reported adjusted property EBITDA of $597 million at Marina Bay Sands.
During the first quarter, the company repurchased $450 million of common stock (approximately 9 million shares at a weighted average price of $52.47). The remaining amount authorized under the company’s share repurchase program is $1.05 billion.
“We were pleased with our financial and operating results for the quarter, which reflect strong growth in both Macao and Singapore,” Robert G. Goldstein, chairman and chief executive officer, said.
“We remain deeply 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,”
Original article: https://www.yogonet.com/international/noticias/2024/04/18/71804-las-vegas-sands-beats-analyst-expectations-with-296-billion-first-quarter-revenue
