Las Vegas Sands (LVS) Q4 2024 earnings summary

Executive summary

• Macau and Singapore delivered strong Q4 2024 results, with Macau gaming revenue up 6% year-over-year and Singapore adjusted property EBITDA at $537 million; ongoing capital investments and suite expansions are expected to drive further growth and margin expansion in 2025.

• Net revenue for Q4 2024 was $2.90 billion, down 0.7% year-over-year; net income was $392 million, down from $469 million in Q4 2023.

• Consolidated adjusted property EBITDA was $1.11 billion, with margin at 38.3%; full-year net income attributable to shareholders was $1.45 billion.

• Shareholder returns prioritized through $450 million in share repurchases and $145 million in dividends in Q4 2024; annual dividend to increase to $1 per share in 2025.

• Continued strategic investments in Macau and Singapore, with optimism for future growth in both markets.

Financial highlights

• Macau adjusted property EBITDA was $571 million for Q4, with margin at 32.2%; Singapore (Marina Bay Sands) adjusted property EBITDA was $537 million, margin 47.2%.

• Q4 2024 net revenue was $2.90 billion; operating income was $590 million; consolidated adjusted property EBITDA margin was 38.3%.

• SCL Q4 net revenues were $1.76 billion, down 5.0% year-over-year; Q4 net income was $237 million.

• Marina Bay Sands mass win was $746 million, up 27.7% year-over-year; rolling volume up 11.4%.

• Interest expense for Q4 was $180 million, with a weighted average borrowing cost of 5.0%.

Outlook and guidance

• Full Londoner inventory (2,405 rooms/suites) to be operational by May 2025, expected to significantly boost productivity and cash flow.

• Marina Bay Sands suite renovation and $1.75 billion investment program to complete in 2Q25, with further growth expected as new products come online.

• Management remains positive on growth prospects in Macau and Singapore, supported by ongoing capital investment programs.

• Increased quarterly dividend to $0.25 per share to be paid in February 2025.

• Anticipates continued recovery in Macau, though spend per visitor remains below pre-pandemic levels.