Las Vegas Sands Corp. (LVS) Bundle
A Brief History of Las Vegas Sands Corp.
Company Overview
Las Vegas Sands Corp. (LVS) is a premier global developer and operator of world-class Integrated Resorts. As of 2024, LVS operates several iconic properties including The Venetian and The Palazzo in Las Vegas, and Marina Bay Sands in Singapore. The company has a significant presence in Macao, with properties such as The Venetian Macao and The Londoner Macao.
Financial Performance
As of September 30, 2024, the consolidated net revenues for the company were $8.40 billion for the nine months ended September 30, 2024, compared to $7.46 billion for the same period in 2023, marking a 12.7% increase. The net income attributable to Las Vegas Sands Corp. was $1.36 billion, up from $962 million in the prior year.
| Financial Metrics | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change (%) |
|---|---|---|---|
| Net Revenues | $8.40 billion | $7.46 billion | 12.7% |
| Net Income | $1.36 billion | $962 million | 41.3% |
| Earnings Per Share (Basic) | $1.52 | $1.10 | 38.2% |
Operational Highlights
In the third quarter of 2024, LVS reported net revenues of $2.68 billion, a decrease from $2.80 billion in the same quarter of 2023. The operating income for this period was $504 million, down from $688 million year-over-year. The decline in revenues was primarily attributed to decreased performance at Marina Bay Sands and a slight drop in the Macao operations.
| Quarterly Performance Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Revenues | $2.68 billion | $2.80 billion | -4.0% |
| Operating Income | $504 million | $688 million | -26.7% |
| Net Income | $353 million | $449 million | -21.4% |
Debt and Cash Flow
As of September 30, 2024, LVS reported total long-term debt of $11.28 billion, a decrease from $12.13 billion as of December 31, 2023. The weighted average interest rate on the total debt was 5.1%, down from 5.4% in the previous year. The company maintained a strong liquidity position with unrestricted cash and cash equivalents totaling $4.21 billion.
Capital Expenditures
For the nine months ended September 30, 2024, LVS incurred capital expenditures of $1.02 billion, a significant increase from $692 million in the same period of 2023. This increase reflects ongoing investments in property renovations and expansions, particularly at Marina Bay Sands and The Londoner Macao.
| Capital Expenditures | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Total Capital Expenditures | $1.02 billion | $692 million |
Dividends and Share Repurchase
During the nine months ended September 30, 2024, LVS declared dividends totaling $446 million, maintaining a quarterly dividend of $0.20 per share. The company also repurchased approximately 28.7 million shares of its common stock for $1.31 billion under its share repurchase program.
| Shareholder Returns | 2024 (Nine Months Ended) |
|---|---|
| Dividends Paid | $446 million |
| Shares Repurchased | 28.7 million shares for $1.31 billion |
Market Position and Future Outlook
As of 2024, LVS remains a leader in the global gaming and hospitality industry, with a focus on expanding its footprint in Asia and enhancing its properties in Las Vegas. The company's strategic initiatives include improving operational efficiencies and exploring new market opportunities to drive future growth.
Overall, Las Vegas Sands Corp. continues to adapt to market conditions while maintaining a robust financial performance and strong operational capabilities.
A Who Owns Las Vegas Sands Corp. (LVS)
Major Shareholders
As of 2024, the primary shareholders of Las Vegas Sands Corp. (LVS) include institutional investors and individual stakeholders. The ownership structure reflects a mix of public and institutional holdings.
| Shareholder Type | Ownership Percentage | Number of Shares Owned (in millions) |
|---|---|---|
| Institutional Investors | 75.3% | 550.2 |
| Individual Investors | 24.7% | 180.8 |
| Insider Ownership | 1.5% | 11.0 |
Top Institutional Investors
Key institutional investors holding significant shares in LVS as of 2024 include:
| Institution | Ownership Percentage | Number of Shares Owned (in millions) |
|---|---|---|
| The Vanguard Group | 8.5% | 61.5 |
| BlackRock, Inc. | 7.8% | 56.5 |
| State Street Corporation | 5.9% | 42.5 |
| FMR LLC (Fidelity) | 4.1% | 30.0 |
Insider Ownership
Insider ownership includes shares held by executive officers and the board of directors. As of 2024, the following executives hold significant positions:
| Name | Position | Shares Owned (in millions) |
|---|---|---|
| Robert Goldstein | Chairman & CEO | 3.5 |
| Patrick Dumont | President & COO | 2.0 |
| Ronald L. Reese | CFO | 1.0 |
Recent Shareholder Developments
In October 2024, LVS announced a quarterly dividend of $0.20 per share, reflecting its commitment to returning value to shareholders. The total estimated payout is approximately $145 million.
Additionally, as part of a strategic move, LVS is increasing its ownership in Sands China Ltd. (SCL) to approximately 71.31% through a recent stock purchase agreement.
Las Vegas Sands Corp. (LVS) Mission Statement
Company Overview
Las Vegas Sands Corp. (LVS) is a prominent global developer and operator of integrated resorts, primarily in Macao and Singapore. Its flagship properties include Marina Bay Sands in Singapore and several resorts in Macao, such as The Venetian Macao and The Londoner Macao.
Mission Statement
As of 2024, Las Vegas Sands Corp. aims to be the world's premier developer and operator of integrated resorts, providing exceptional experiences through a commitment to quality, innovation, and sustainability. The company emphasizes creating long-term value for stakeholders while enhancing guest experiences and contributing positively to the communities in which it operates.
Financial Performance Metrics
In 2024, Las Vegas Sands reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Revenues | $2.68 billion | $2.80 billion | (4.0) |
| Operating Income | $504 million | $688 million | (26.7) |
| Net Income | $353 million | $449 million | (21.4) |
| Earnings Per Share (Diluted) | $0.38 | $0.50 | (24.0) |
Segment Performance
Las Vegas Sands operates through various segments, primarily focusing on casino and non-casino revenues. The performance of its major properties for the nine months ended September 30, 2024, is summarized below:
| Property | Total Net Casino Revenues (2024) | Total Net Casino Revenues (2023) | Change (%) |
|---|---|---|---|
| The Venetian Macao | $1.75 billion | $1.54 billion | 13.2 |
| The Londoner Macao | $1.08 billion | $850 million | 26.5 |
| The Parisian Macao | $569 million | $492 million | 15.7 |
| Marina Bay Sands | $2.17 billion | $1.94 billion | 11.6 |
Capital Expenditures
For the nine months ended September 30, 2024, Las Vegas Sands reported total capital expenditures of $1.02 billion, broken down as follows:
| Property | Capital Expenditure (2024) | Capital Expenditure (2023) |
|---|---|---|
| The Venetian Macao | $155 million | $44 million |
| The Londoner Macao | $348 million | $66 million |
| Marina Bay Sands | $454 million | $400 million |
| Total | $1.02 billion | $692 million |
Liquidity and Capital Resources
As of September 30, 2024, Las Vegas Sands had:
- Unrestricted cash and cash equivalents: $4.21 billion
- Available borrowing under credit facilities: $4.47 billion
- Total assets: $21.35 billion
Dividend Policy
In 2024, Las Vegas Sands declared quarterly dividends of $0.20 per common share. The total dividends paid during the nine months ended September 30, 2024, amounted to approximately $446 million.
Conclusion on Strategic Focus
Las Vegas Sands continues to focus on enhancing operational efficiencies, expanding its market presence, and maintaining a sustainable business model to drive growth and shareholder value.
How Las Vegas Sands Corp. (LVS) Works
Business Model
Las Vegas Sands Corp. operates as an integrated resort company, primarily in the gaming and hospitality sectors. The company manages and develops resorts and casinos in key markets including Macao and Singapore.
Financial Performance
For the third quarter ended September 30, 2024, Las Vegas Sands reported net revenues of $2.68 billion, down from $2.80 billion in the same period in 2023. Operating income was $504 million, compared to $688 million the previous year. Net income for the quarter was $353 million, compared to $449 million in Q3 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Revenues | $2.68 billion | $2.80 billion | -4.0% |
| Operating Income | $504 million | $688 million | -26.7% |
| Net Income | $353 million | $449 million | -21.4% |
Revenue Breakdown
The revenue composition for the third quarter of 2024 was as follows:
| Revenue Source | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Casino | $1.94 billion | $2.01 billion | -3.6% |
| Rooms | $314 million | $342 million | -8.2% |
| Food and Beverage | $152 million | $156 million | -2.6% |
| Mall | $189 million | $201 million | -6.0% |
| Convention, Retail and Other | $91 million | $88 million | 3.4% |
Operational Highlights
In Macao, the company's operations include several key properties:
- The Venetian Macao: Total net casino revenues of $554 million (down 3.7% from 2023).
- The Londoner Macao: Total net casino revenues of $338 million (down 8.9% from 2023).
- The Parisian Macao: Total net casino revenues of $189 million (up 4.4% from 2023).
- The Plaza Macao and Four Seasons Macao: Total net casino revenues of $182 million (up 68.5% from 2023).
- Sands Macao: Total net casino revenues of $73 million (down 2.7% from 2023).
Capital Expenditures
Capital expenditures for the nine months ended September 30, 2024, totaled $1.02 billion, compared to $692 million in the same period in 2023.
| Property | 2024 Capital Expenditures | 2023 Capital Expenditures |
|---|---|---|
| The Venetian Macao | $155 million | $44 million |
| The Londoner Macao | $348 million | $66 million |
| Marina Bay Sands | $454 million | $400 million |
| Total | $1.02 billion | $692 million |
Debt and Interest Expense
As of September 30, 2024, the total long-term debt stood at $11.28 billion, with a weighted average interest rate of 5.0%. Interest expense for the nine months was $547 million, down from $628 million in 2023.
| Debt Metrics | 2024 | 2023 |
|---|---|---|
| Total Long-term Debt | $11.28 billion | $12.13 billion |
| Weighted Average Interest Rate | 5.0% | 5.4% |
| Interest Expense | $547 million | $628 million |
Dividends
In 2024, Las Vegas Sands declared quarterly dividends of $0.20 per share, totaling $446 million in distributions against retained earnings for the nine months ended September 30, 2024.
Net Income and Earnings per Share
For the nine months ended September 30, 2024, net income was $1.36 billion, with earnings per share of $1.52 (basic) and $1.51 (diluted).
| Net Income Metrics | 2024 | 2023 |
|---|---|---|
| Net Income | $1.36 billion | $962 million |
| Earnings Per Share (Basic) | $1.52 | $1.10 |
| Earnings Per Share (Diluted) | $1.51 | $1.09 |
How Las Vegas Sands Corp. (LVS) Makes Money
Revenue Sources
Las Vegas Sands Corp. generates revenue primarily through its casino operations, hotel room bookings, food and beverage sales, retail mall revenues, and convention services.
Casino Operations
For the nine months ended September 30, 2024, the company reported net casino revenues of $6.199 billion, an increase of 14.6% compared to $5.411 billion for the same period in 2023. The breakdown of casino revenues is as follows:
| Casino Operations | 2024 (in millions) | 2023 (in millions) | Percent Change |
|---|---|---|---|
| The Venetian Macao | $1,748 | $1,544 | 13.2% |
| The Londoner Macao | $1,075 | $850 | 26.5% |
| The Parisian Macao | $569 | $492 | 15.7% |
| The Plaza Macao and Four Seasons Macao | $430 | $367 | 17.2% |
| Sands Macao | $212 | $218 | (2.8%) |
| Marina Bay Sands | $2,165 | $1,687 | 28.4% |
Room Revenues
Room revenues for the nine months ended September 30, 2024, totaled $957 million, up 8.6% from $881 million in 2023. Key metrics include:
| Room Metrics | 2024 | 2023 | Percent Change |
|---|---|---|---|
| Average Daily Room Rate (ADR) | $152 | $159 | (4.4%) |
| Revenue per Available Room (RevPAR) | $147 | $145 | 1.4% |
| Occupancy Rate | 89.0% | 79.3% | 9.7 pts |
Food and Beverage Sales
Food and beverage sales increased to $450 million for the nine months ended September 30, 2024, compared to $423 million in 2023, reflecting a growth of 6.4%.
Mall Operations
Mall revenues were stable at $537 million during the same period, showing a slight increase compared to $535 million in 2023. The performance of the malls is as follows:
| Mall Operations | 2024 (in millions) | 2023 (in millions) | Percent Change |
|---|---|---|---|
| Shoppes at Venetian | $167 | $161 | 3.7% |
| Shoppes at Londoner | $53 | $47 | 12.8% |
| Shoppes at Parisian | $20 | $23 | (13.0%) |
| Shoppes at Four Seasons | $116 | $125 | (7.2%) |
| Shoppes at Marina Bay Sands | $180 | $178 | 1.1% |
Convention and Retail Services
Revenues from conventions and retail operations increased significantly to $259 million for the nine months ended September 30, 2024, up from $207 million in 2023, representing a growth of 25.1%.
Operating Income and Expenses
The operating income for the nine months ended September 30, 2024, was $1.812 billion, compared to $1.603 billion in 2023, an increase of 13.0%. The breakdown of the operating expenses is as follows:
| Operating Expenses | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Casino | $3,441 | $3,011 |
| Rooms | $234 | $207 |
| Food and Beverage | $379 | $349 |
| Mall | $62 | $65 |
| General and Administrative | $847 | $820 |
| Depreciation and Amortization | $960 | $875 |
Net Income
The net income attributable to Las Vegas Sands Corp. for the nine months ended September 30, 2024, was $1.122 billion, compared to $839 million in 2023, indicating a strong performance improvement.
Debt and Financial Position
As of September 30, 2024, Las Vegas Sands reported total liabilities of $17.707 billion and total assets of $21.354 billion. The company had unrestricted cash and cash equivalents of $4.21 billion and available borrowing capacity of $4.47 billion under various credit facilities.
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Article updated on 8 Nov 2024
Resources:
- Las Vegas Sands Corp. (LVS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Las Vegas Sands Corp. (LVS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Las Vegas Sands Corp. (LVS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.