LAS VEGAS, July 24, 2024 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended June 30, 2024.
"Our financial and operating results for the second quarter of 2024 reflect growth in both Macao and Singapore compared to the second quarter of 2023. We remain enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead, as we execute our substantial capital investment programs in both Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer.
"In Macao, the ongoing recovery continued during the quarter, although visitation to the market remains well below the levels reached prior to the pandemic. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao 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.
"In Singapore, Marina Bay Sands again delivered strong financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia continues to advance.
"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.
"We repurchased $400 million LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders in the future."
Net revenue was $2.76 billion, compared to $2.54 billion in the prior year quarter. Operating income was $591 million, compared to $537 million in the prior year quarter. Net income in the second quarter of 2024 was $424 million, compared to $368 million in the second quarter of 2023.
Consolidated adjusted property EBITDA was $1.07 billion, compared to $973 million in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 8% to $1.75 billion, compared to the second quarter of 2023. Net income for SCL was $246 million, compared to $187 million in the second quarter of 2023.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $186 million for the second quarter of 2024, compared to $210 million in the prior year quarter. Our weighted average borrowing cost was 5.0% during the second quarter of 2024, compared to 5.4% during the second quarter of 2023.
Our effective income tax rate for the second quarter of 2024 was 14.5%, compared to 11.8% in the prior year quarter. The income tax rate for the second quarter of 2024 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns
During the second quarter of 2024, we repurchased $400 million of our common stock (approximately 9 million shares at a weighted average price of $45.77). The remaining amount authorized under our share repurchase program is $645 million. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
We paid a quarterly dividend of $0.20 per common share during the quarter. We announced our next quarterly dividend of $0.20 per common share will be paid on August 14, 2024, to Las Vegas Sands stockholders of record on August 6, 2024.
Balance Sheet Items
Unrestricted cash balances as of June 30, 2024 were $4.71 billion.
The company has access to $4.43 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of June 30, 2024, total debt outstanding, excluding finance leases and financed purchases, was $13.72 billion.
On May 16, 2024, the company issued, in an underwritten public offering, three series of senior unsecured notes in an aggregate principal amount of $1.75 billion, consisting of $750 million of 5.900% Senior Notes due June 1, 2027, $500 million of 6.000% Senior Notes due August 15, 2029 and $500 million of 6.200% Senior Notes due August 15, 2034. The net proceeds from the offering and cash on hand were used to redeem in full the outstanding principal amount of the $1.75 billion 3.200% Senior Notes due August 8, 2024. Additionally, during the quarter, the company repurchased $175 million of the 5.125% SCL Senior Notes due August 8, 2025.
Capital Expenditures
Capital expenditures during the second quarter totaled $285 million, including construction, development and maintenance activities of $140 million at Marina Bay Sands, $131 million in Macao and $14 million in corporate, development and other.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 24, 2024 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts.
Our iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make our host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza and Four Seasons Hotel Macao and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Sands is dedicated to being a leader in corporate responsibility, anchored by our core tenets of serving people, planet and communities. Our ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America. To learn more, visit www.sands.com.
Source PR Newswire
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