Las Vegas Sands declared its third-quarter revenue collection for 2023, which shows an increase compared to the previous year. The third quarter of 2023 concluded on September 30, 2023, and witnessed a collection of $2.80 billion in the form of net revenue generation. Comparatively, for the third quarter of 2022, it was $1.01 billion.
The factors contributing to these results show that Macau and Singapore’s travel and tourism sectors developed during the third quarter of 2023. In the third quarter of 2022, net revenue grew from $1.01 billion to $2.80 billion. The net income rose to $449 million from $380 million in the same period of the previous year. Adjusted Property EBITDA for Marina Bay Sands was $491 million with a $343 million third quarter of 2022. Consolidated adjusted property increased to $1.12 billion from $191 million in the previous quarter.
According to the Chairman and Chief Executive Officer of Las Vegas Sands, Robert G. Goldstein, they attribute most of the hike in revenue collection to the picking up of travel and tourism spending in Macau and Singapore.
According to the casino news, Marina Bay Sands, Singapore, had a lot of potential for generating income. Their fresh array of products coupled with services will ensure the company moves along the pathway to growth.
For the third quarter of 2023, Las Vegas Sands accrued interest costs of $200 million, much above $183 million in the third quarter of 2022. The average borrowing cost stood at 5.4% compared to 4.8% in 2022. The rise in expenses was driven by an increase in income from interest, which saw an upward trend from $41 million to $79 million. The taxation rate went up by 21.4% from 18.8%. This was because of a 17% statutory taxation rate with regards to the company’s business in Singapore.
In terms of the last quarter, the company offered a $0.20 per common share dividend. It has committed to doing something similar in the upcoming quarterly dividend at $0.20 per common share, the payment for which will be made on November 15, 2023, in favor of the shareholders of Las Vegas Sands.
Goldstein added that their commitment to invest in their team and community will guarantee future expansion. Their investments in Macau and Singapore are bolstered by their solid financial standing. He continued by stating that the company’s board of directors has authorized $2 billion in share repurchases under the stock repurchase program.
According to the company’s future strategy, the buyback of its shares will commence in the fourth quarter of 2023. Details will depend on the company’s financial standing. The company incurred $330 million in capital expenditures, which included the restructuring of its properties. $141 million was allocated to Marina Bay Sands, $44 million to Macau, and $145 million was allocated to corporate functions and other areas.
Las Vegas Sands is seeking a New York gaming licence in order to construct an expensive casino complex on Long Island, New York. A long-term lease-purchase agreement has been inked for the property.
