In conjunction with the release of its third-quarter results, the multinational casino operator Las Vegas Sands Corp. announced a $2.0 billion stock buyback program that would extend until November 3, 2025.
With Patrick Dumont, President and COO of Las Vegas Sands, announcing that stock repurchases will be prioritized over dividends as a means of providing value to shareholders, this decision signifies a shift in the organization’s strategy. They trust that share repurchases will increase value over time.
The specific timing and quantity of shares repurchased under the $2 billion program will depend on a variety of factors, including the company’s financial situation, profitability, investment opportunities, and market conditions. Prior to this, Las Vegas Sands had begun paying quarterly dividends, with the first payment made on August 16 and the next scheduled for November 15.
The company expressed confidence in the Macau gambling industry’s future during a conference call and said that it wants to outperform operational earnings from the year prior to COVID-19.
The fact that airport capacity in Macau and Hong Kong remained below pre-COVID-19 levels, however, was noted as a continuing transportation difficulty. According to Dumont, there are still issues with travel, but things are getting better. He emphasized that while the recovery is progressing, accessibility and air travel are still not fully back to normal.
Original story by: GGRAsia
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