Las Vegas Sands outperforms Q1 estimates

Las Vegas Sands has outperformed Wall Street estimates for Q1 2024 performance, revealing net revenue of US$2.96bn and net income of $583m for the period.

Chairman and chief executive officer Robert G. Goldstein attributed the strong performance to growth in both Macau and Singapore.

“Our financial strength and industry-leading cash flow 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,” he said.

“We repurchased $450m LVS shares under our share repurchase programme during the quarter. We look forward to utilising our share repurchase program to continue to return excess capital to stockholders in the future.”

Net revenue was $2.96bn, compared to $2.12bn in the prior year quarter. Operating income was $717m, compared to $378m in the prior year quarter. Net income in the first quarter of 2024 was $583m, compared to $145m in the first quarter of 2023.

Consolidated adjusted property EBITDA was $1.21bn, compared to $792m in the prior year quarter.