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Η Las Vegas Sands βλέπει τα έσοδα να μειώνονται το 4ο τρίμηνο λόγω των ανανεώσεων στο Londoner και το Venetian

Las Vegas Sands generated revenues of $2.9bn for the last quarter of 2024, a decrease of 0.7 per cent from the prior year quarter with Macau Sands China’s net revenues down five per cent in the quarter due to ongoing renovations at the Londoner and the Venetian.

Operating income was $590m, compared to $710m in the prior year quarter.  Net income in the fourth quarter, ending December 31 2024 was $392m, compared to $469m in the fourth quarter of 2023. Sands China decreased by five per cent to $1.76bn, compared to the fourth quarter of 2023.  Net income for SCL was $237m, compared to $288m in the fourth quarter of 2023.

Revenues at the Londoner dropped by 12.1 per cent to US$518m and The Venetian fell by 8.8 per cent to US$682m. The Parisian Macao saw its revenues increase by 2.7 per cent to US$228m whilst Sands Macao increased by 6.2 per cent to US$86m.

“We continued to execute our strategic objectives during the quarter.  We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets,” said Robert G. Goldstein, chairman and chief executive officer.

“In Macau, the ongoing recovery continued during the quarter, although spend per visitor in the market remains below the levels reached prior to the pandemic.  Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world center of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.

“Gross gaming revenue in Macao should exceed $30bn in 2025 and continue to grow,” Mr Goldstein added. “The scale and quality of the assets we have built are second to none, and our access position enables us to grow faster than the Macao market in every segment.”

“Our business strategy remains clear and constant. We are investing in high-quality assets that also have scale. We’ve designed our capital investment programs to ensure that we will be the market leader in the years ahead. Our approach will enable us to grow faster in the long term, grow our share of EBITDA in the Macao market, and generate industry-leading returns on invested capital.”

“We do have a solid EBITDA for the quarter despite having 20 per cent fewer rooms available in Cotai than we will have once The Londoner is completed by the second quarter of 2025. We opened The Londoner Grand Casino in the last week of September and operating 315 Londoner Grand suites during the quarter.

“We will introduce more Londoner suites during the next two quarters. Today, as the Lunar New Year begins, we have approximately 1000 Londoner suites and rooms in service. The full complement of 1,500 suites, 905 rooms will be in service by May of 2025 finally. SCL continues to lead the market in gaming and nongaming revenue and market share of EBITDA.”

“Our objective is to capture high-value, high-margin tourism. We have a unique competitive advantage in terms of the scale, quality, and diversity of product offerings. Upon completion of The Londoner in May, our product advantage will be more pronounced than ever.”

Mass gaming in Singapore reached $746m for the quarter, reflecting a 71 per cent growth from the fourth quarter of 2019 and 28 per cent growth in just one quarter a year ago.  

“In Singapore, Marina Bay Sands continued to deliver outstanding financial and operating performance.  Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands. The results of Marina Bay Sands reflect the positive impact on our capital investment program and the growth of high-value tourism. The growing appeal of Singapore as a destination is enhanced by the robust entertainment and lifestyle event calendar. As you complete the balance of our investment programs in the first half 2025, there will be considerable runway for growth.”

“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders. 

Full year 2024 operating income for the company was $2.4bn, compared to $2.31bn in 2023, with Sands China’s net revenues surging by 8.4 per cent compared with 2023 to US$7.08bn, with net income of US$1.05bn and Adjusted EBITDA of US$2.33bn.