Las Vegas Sands beats Wall Street revenue projections thanks to S’pore, Macau casino hotels

Due to strong performance at both its Marina Bay Sands in Singapore and its casino hotels in Macau, Las Vegas Sands’ third-quarter revenue beat Wall Street projections.

The firm exceeded analysts’ estimates of 55 cents in profits and $2.73 billion in sales by reporting earnings of $2.8 billion and revenue of $2.8 billion for the July–September quarter. This accomplishment is noteworthy, particularly in light of the fact that a typhoon last month forced the temporary closure of casinos in Macau.

Including Marina Bay Sands, Sands’ five integrated resorts in Macau reported combined adjusted property profits before interest, taxes, depreciation, and amortization of $631 million for the third quarter.

The company’s chief executive officer, Rob Goldstein, voiced confidence over the rebound in travel and tourist expenditures in Macao and Singapore, suggesting that these markets would continue to rise in the years to come.

Prior to this, in July, Sands had taken investors by surprise by resuming its dividend after a three-year hiatus. With the announcement of a $2 billion share buyback program, the corporation has now further delighted shareholders. The permitted amount of shares to be repurchased has been increased from $916 million to $2.0 billion, and the authorization’s expiry date has been extended to November 3, 2025 by the Board of Directors of the firm. Resuming in the fourth quarter of 2023 is the plan for the share buyback program.

With $5.57 billion in cash on hand and access to a $4.17 billion revolving credit line, Las Vegas Sands ended the third quarter strong. On September 30, the amount of its debt was $14.17 billion. Due to its solid financial standing, the business is able to repurchase shares, maintain or raise its dividend, and take advantage of growth prospects without having to resort to the historically high interest rate environment of the credit markets.

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Original story by: Casino.org