Q2 2024 Las Vegas Sands Corp Earnings Call Transcript
Key Points
- Macau market continues to grow with total gaming revenues increasing by 24% in Q2 2024 compared to the same period in 2020.
- Las Vegas Sands Corp (LVS) remains confident in future growth in the Macau market, expecting gross gaming revenue to exceed EUR30 billion next year.
- Strong performance in Singapore with EBITDA reaching $512 million, reflecting the positive impact of capital investment programs.
- The company repurchased $1 billion of stock during the quarter and paid a recurring quarterly dividend, demonstrating a commitment to returning capital to shareholders.
- Las Vegas Sands Corp (LVS) is actively exploring new development opportunities in jurisdictions like New York, Texas, and Thailand, indicating potential future growth.
- Disruption in Macau due to ongoing renovations, particularly at the Londoner Grand Casino, which has been closed since May and is scheduled to reopen in December.
- Macau's visitation recovery rate has slowed, particularly impacting base mass tables and unrated play.
- Elevated reinvestment rates in Macau due to the closure of specific casinos and preparation for shifts in customer segments.
- Concerns about the broader impact of tariffs on the Chinese economy and how it might affect future performance.
- Despite strong performance, the stock price remains near pandemic lows, raising questions about the company's valuation and market perception.
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Good day, ladies and gentlemen, and welcome to the stand Second Quarter 2024 earnings call. At this time, all participants have been placed on a listen only mode, but we will open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands.
Sir, the floor is yours. Thank you, Matthew. Joining the call today are Rob Goldstein, Patrick Dumont, Dr. Wilson long and Grant Chum and eight conference call will contain forward-looking statements will be making a statement under the Safe Harbor provision of federal securities laws.
The Company's actual results may differ materially from the results reflected in those forward-looking statements. In
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