Las Vegas Sands Corp. (LVS) reported a strong financial performance for the fiscal year ending December 31, 2024, with net revenues reaching $11.30 billion, an increase of 8.9% from $10.37 billion in 2023. The company’s operating income rose to $2.40 billion, compared to $2.31 billion in the previous year, while net income increased to $1.75 billion from $1.43 billion. This growth was primarily driven by a significant uptick in visitation to its Integrated Resorts in Macao and Singapore, attributed to the easing of COVID-19 travel restrictions and improved airline capacity.
In terms of operational metrics, visitation to Macao increased by approximately 28.6% year-over-year, with gross gaming revenue in the region rising by 23.9%. In Singapore, total international visitors surged to 16.5 million, a 21.4% increase compared to 2023. The company’s casino revenues also reflected this trend, with net casino revenues climbing to $8.30 billion, up from $7.52 billion in 2023. Notably, the mass market gaming segment continued to be a key driver of profitability, contributing significantly to the overall revenue growth.
Strategically, LVS has been focused on enhancing its Integrated Resorts. The company is progressing with Phase II of The Londoner Macao, which includes renovations and the addition of new attractions, dining, and entertainment options. The Londoner Grand casino opened in September 2024, and the Sheraton Grand Macao is being converted into the Londoner Grand hotel, expected to be completed in the first half of 2025. In Singapore, extensive renovations at Marina Bay Sands are also underway, with a total of 1,844 rooms and suites expected upon completion.
As of December 31, 2024, LVS reported total assets of $20.67 billion, with cash and cash equivalents amounting to $3.65 billion. The company employed approximately 40,300 individuals globally, reflecting its commitment to maintaining a robust workforce. The company’s debt stood at $10.59 billion, down from $12.13 billion in 2023, indicating improved financial flexibility. LVS has also reinstated its dividend program, declaring a quarterly dividend of $0.25 per share, signaling confidence in its ongoing recovery and growth trajectory.
Looking ahead, LVS remains optimistic about its future performance, driven by the anticipated continued growth in the mass market gaming segment and the successful execution of its development projects. The company is committed to investing in both gaming and non-gaming projects in Macao, with a total investment commitment of approximately $4.48 billion required by the Macao government by December 2032. The company’s strategic focus on enhancing customer experiences and expanding its market presence positions it well for sustained growth in the coming years.
About LAS VEGAS SANDS CORP
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