“Lower than expected hold in Singapore and the impact of disruption from […] ongoing development work at the Londoner” brought down Las Vegas Sands’ results in the third quarter, according to its most recent financials.
The group saw annual drops in most of its Macau properties, except for Parisian and The Plaza and Four Seasons, while revenue from Marina Bay Sands also retracted slightly.
Overall casino revenue group-wide still totaled $1.93 billion, down by 3.6 percent yearly, while overall group net revenue hit $2.68 billion, a 4 percent drop.
Net income for the group totaled just $353 million, compared to $449 million in 3Q23, while consolidated property EBITDA fell to $991 million, from $1.12 billion in 3Q23.
During the quarter, revenues from The Venetian contracted by 4.3 percent – to $692 million. The Londoner similarly experienced a decline, attributed to ongoing construction, with a yearly drop of 11.2 percent to $460 million, a scenario predicted by analysts at the beginning of the quarter.
However, the group’s Parisian venue saw a slight uptick in revenue, to $250 million from $244 million in 3Q24. In comparison, The Plaza and Four Seasons saw a sharp increase to $257 million versus $192 million in 3Q23.
Properties revenue breakdown
Sands Macau continued to be the smallest Macau contributor, at $81 million, down from $83 million in 3Q23.
Marina Bay Sands contributed some $919 million in revenue during the quarter, down from $1.01 billion in the same quarter of last year.
Rolling chip volume at The Venetian increased in 3Q24 – to $1.12 billion from $853 million in 3Q23, while hotel occupancy topped out at 98.8 percent. Casino revenue was down by $21 million yearly, to $554 million.
The Londoner was the second-largest gaming revenue contributor for Macau – at $338 million, down by $33 million for the same quarter of last year. Room revenue however contracted by nearly 30 percent, despite maintaining 97.7 percent occupancy. Rolling chip fell by $13 million, to $1.54 billion.
The Parisian saw casino revenue rise by $8 million yearly, hitting $189 million, while room revenue was largely flat, with hotel occupancy at 98.5 percent. Rolling chip at the property was just $169 million, down by $108 million from 3Q23.
The Plaza and Four Seasons benefited from strong rolling chip volumes, up by 26.5 percent yearly, to $2.61 billion, however, casino revenue totaled just $182 million – still a $74 million increase from 3Q23. Hotel occupancy tapped out at 93.2 percent.
Sands Macau saw a dismal $26 million in rolling chip volume, still up by $12 million yearly, with casino revenue hitting $73 million, up by just $2 million yearly. Hotel occupancy was 99.4 percent.
Marina Bay Sands saw the best rolling chip volume of LVS’ properties – at $6.55 billion – still a drop of $1.59 billion from the same quarter of last year. This drove casino revenue to $600 million, from $698 million in 3Q23. Hotel occupancy fell slightly, to 94.7 percent.
Speaking of the results, Robert Goldstein, Chairman and CEO of Las Vegas Sands, noted “Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macau and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders”.
