Las Vegas Sands Corp. issued a formal declaration that its resorts in Macau and Singapore contributed significantly to the considerable growth in its fourth quarter financial results.
Sands recorded a net revenue of $2.92 billion, representing a significant increase of 161% in comparison to the corresponding period in 2022. Annual operating losses were $166 million; operating income amounted to $710 million.
In the fourth quarter, ongoing operations generated $469 million in net income, compared to a net loss of $269 million in the corresponding period of 2022.
In contrast to the $222 million recorded in 2022, consolidated adjusted property EBITDA decreased to $1.2 billion. In 2023, the organization recorded an operating profit of $2.31 billion, in contrast to an operating loss of $792 million in 2022.
After attaining $1.43 billion, the net income from continuing operations was reduced to $1.62 per diluted share. Following a net loss of $1.54 billion in 2022, the diluted share price decreased to $1.40.
According to the casino news, Rob Goldstein, the chairman and chief executive officer of the company, asserts that both Macau and Singapore have become extraordinarily profitable. The fourth quarter saw a continuing redemption throughout all spheres. They upheld their commitment to augment the volume of tourists and commercial activities in both nations.
With a significant contribution from the Chinese, Marina Bay Sands in Singapore functioned exceptionally well as a result of their innovative assortment of products and services.
In accordance with its share repurchase program from the previous quarter, LVS repurchased shares worth $505 million. The company plans to return the additional capital to stockholders in the coming days.
Consequently, LVS reached an agreement to purchase Sands China stock for approximately $250 million, which, according to the provisions of the agreement, will increase the company’s ownership stake in Sands China.
When compared to the same period in 2022, Sands China Limited’s total net revenue jumped 323% to $1.86 billion. While SCL lost $348 million in the fourth quarter of 2022, it generated a profit of $288 million in the same period. In comparison to 2022, SCL’s total net revenues increased by 307% to $6.53 billion in 2023. SCL’s net profits in 2023 were $696 million, compared to a deficit of $1.58 billion in 2022.
