Q3 2024 Las Vegas Sands Corp Earnings Call Transcript
Key Points
- Las Vegas Sands Corp (LVS) reported a 13% increase in Macau market revenue for Q3 2024 compared to Q3 2023, indicating strong market growth.
- The company successfully opened the Londoner Grand asset and the first 300 Londoner Grand Suites, with plans to introduce more suites in the coming quarters.
- LVS delivered strong EBITDA results in Singapore, reflecting the positive impact of their capital investment program and growth in high-value tourism.
- The company repurchased $450 million of its stock during the quarter and increased its repurchase authorization to $2 billion, demonstrating a commitment to returning capital to shareholders.
- LVS increased its annual dividend to $1 per share for the 2025 calendar year, indicating confidence in future cash flow and profitability.
- Macau's EBITDA margin was impacted by disruptions at the Londoner Grand renovation, with a significant number of rooms out of inventory during the quarter.
- The company experienced lower-than-expected hold in the rolling segment, which negatively affected EBITDA margins.
- Despite strong visitation, the base mass segment in Macau did not recover as strongly as expected, impacting overall revenue growth.
- LVS faces ongoing disruption in Singapore due to room renovations and casino floor work, which is expected to continue until mid-2025.
- Concerns were raised about the potential impact of online gambling on land-based revenues, particularly in markets like New York, which could affect future investment decisions.
Good day, ladies and gentlemen, and welcome to the Sands third quarter 2024 earnings call. (Operator Instructions)
It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations. Sir, the floor is yours.
Thanks so much. Joining the call today are Rob Goldstein, our Chairman and CEO; Patrick Dumont, our President and COO; Dr. Wilfred Wong, Executive Vice Chairman of Sands China; and Grant Chum, CEO and President of Sands China and EVP of Las Vegas Sands Asia Operation.
Today's conference call will contain forward-looking statements. We will be making those statements 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 addition, we will discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measure are included in our press release. We have posted an earnings presentation on
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