Las Vegas Sands Corp. (LVS) recently released its fourth-quarter 2024 financial results, highlighting challenges and strategic developments in its key markets: Macau and Singapore.
Financial Overview
In Q4 2024, LVS reported net revenues of $2.90 billion, a slight decrease from $2.92 billion in the same period the previous year. Net income fell to $392 million, down from $469 million, reflecting a 7.5% year-over-year decline in adjusted property EBITDA, which stood at $1.11 billion.
Macau, managed through Sands China, experienced a 4.9% drop in net revenue to $1.77 billion. Adjusted property EBITDA declined by 12.7% to $571 million.
The downturn was attributed to ongoing renovations at The Londoner and The Venetian, which temporarily reduced room availability and impacted gaming operations. Notably, approximately 20% of Cotai room inventory was out of service during the quarter.
Despite these challenges, the overall Macau market showed resilience, with total gaming revenue reaching $7.1 billion, a 6% increase from Q4 2023. Mass gaming revenue, a key segment for Sands China, rose by 5% year-on-year to $6.2 billion. However, visitation from mainland China outside Guangdong province remained below pre-pandemic levels, reaching only 92% of 2019 figures.
Singapore Performance
At Marina Bay Sands in Singapore, adjusted property EBITDA slightly decreased to $537 million, down 1.3% from Q4 2023. Despite this, the property achieved its highest-ever mass gaming revenue at $746 million, marking a 27.7% increase from the previous year. Rolling volume also grew by 11.4% year-on-year to $8.1 billion.
The company is investing $1.75 billion in a capital enhancement program at Marina Bay Sands, set for completion in Q2 2025. The upgrades include new suites, refurbished rooms, and expanded leisure offerings, aimed at attracting high-value international visitors.
Strategic Outlook
CEO Robert Goldstein emphasized LVS’s commitment to long-term growth, stating, “Our investments are setting the stage for long-term growth, even as we navigate near-term challenges.” The company continues to focus on delivering premium experiences in both Macau and Singapore.
Stock Performance
As of May 21, 2025, LVS shares are trading at $40.33, reflecting a 1.49% decline from the previous close. The stock’s performance mirrors the company’s mixed financial results and ongoing investment strategies in its international markets.
In summary, while Las Vegas Sands faces short-term challenges in Macau due to renovations and in Singapore due to lower-than-expected gaming hold, its strategic investments in both markets position the company for potential long-term growth.
