Las Vegas Sands reported across-the board year-over year declines in third-quarter revenue, income, and property earnings, citing lower-than-expected hold in Singapore and disruption from development work in Macau.

In earnings released Wednesday, the operator reported revenue was $2.68 billion, compared to $2.8 billion in the prior-year quarter. Operating income was $504 million, compared to $688 million. Net income in the third quarter was $353 million, compared to $449 million in 2023. In addition, consolidated adjusted property EBITDA was $991 million compared to $1.12 billion.

Total net revenue for Sands China decreased 1% to $1.77 billion compared to the third quarter of 2023. Net income for Sands China was $268 million, compared to $231 million in the third quarter of 2023.

“Although our reported financial results for the quarter reflected lower-than-expected hold in Singapore and the impact of disruption from our ongoing development work at the Londoner in Macau, we continued to execute our strategic objectives during the quarter,” said Chairman and CEO Rob Goldstein. “We remain enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead as we execute our capital investment programs in both Macau and Singapore.”

In Macau, the ongoing recovery continued during the quarter, although visitation to the market remains below the levels reached prior to the pandemic, Goldstein said. He added that the company’s decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world center of business and leisure tourism positions the company well as the recovery in travel and tourism spending progresses.

“In Singapore, although Marina Bay Sands was negatively impacted by low hold this quarter, the property continued to deliver outstanding financial and operating performance,” Goldstein said. “Our new suite product and elevated service offerings position us for growth as travel and tourism spending in Asia expands.”

Capital expenditures during the third quarter totaled $539 million, including construction, development, and maintenance activities of $313 million in Macau and $215 million at Marina Bay Sands.

Goldstein said the company’s financial strength and industry-leading cash flow continue to support its ongoing investment and capital-expenditure programs in both Macau and Singapore, its pursuit of growth opportunities in new markets, and its program to return excess capital to stockholders.