Marina Bay Sands Reports Record Quarter

In the fourth quarter of 2023, Las Vegas Sands (LVS) reported impressive financial results, highlighting the continued success of its operations in Macau and Singapore. The company achieved nearly $1.2 billion in adjusted property EBITDA and a net revenue of $2.91 billion.

Las Vegas Sands’ Macau properties played a significant role in the company’s strong financial performance. The Venetian and The Londoner were the major contributors to adjusted property EBITDA, reporting $302 million and $190 million, respectively. The Cotai Strip properties generated $609 million in EBITDA, while Sands Macao contributed $17 million. Despite a 40% drop in rolling chip volume compared to 4Q19, Macau operations generated over $1.86 billion in net revenue.

Sands China, a subsidiary of Las Vegas Sands, made noteworthy changes to its leadership structure. Grant Chum assumed the positions of CEO and President, taking over from Robert Goldstein. In addition, Wilfred Wong was promoted to Executive Vice Chairman.

Marina Bay Sands, Las Vegas Sands’ flagship property in Singapore, experienced remarkable growth in the fourth quarter. Net revenues surpassed $1.06 billion, a significant rise from the $853 million recorded in 4Q19. Mass gaming revenue contributed to this growth, reaching $583 million, a one-third increase compared to the pre-pandemic quarter. Rolling volume amounted to 91% of the volume in 4Q19, totaling $7.2 billion.

Las Vegas Sands’ full-year performance in 2023 demonstrated substantial growth and financial success. Casino revenue reached $7.52 billion, reflecting a 186% increase from the previous year. Total revenue for the year amounted to $10.37 billion, a 152% annual growth. Net income turned around from a loss of $1.54 billion in the previous year to $1.43 billion in 2023.

Macau operations were a significant driving force behind the company’s success, generating $6.55 billion in revenue, a remarkable 303% increase. Marina Bay Sands in Singapore also experienced positive growth, with revenue increasing by 50% to $3.89 billion.

Full-year adjusted property EBITDA reached $4.08 billion, an impressive 458% rise. Macau operations contributed $2.24 billion, reversing a loss of $324 million from the previous year. Marina Bay Sands added $1.86 billion, a 76% increase.

Las Vegas Sands has expressed confidence in the future prospects of both the Macau and Singapore markets. The company has invested $15 billion in Macau to date and views it as the most important land-based market globally. Las Vegas Sands estimates that the Macau market could grow to $40 billion and beyond.

In Singapore, Las Vegas Sands has high expectations for future growth, aiming for an annual EBITDA of $2 billion and beyond. The company plans to invest $1.75 billion in Marina Bay Sands, with the addition of 380 new suites by Chinese New Year 2025. Las Vegas Sands considers Marina Bay Sands to be one of the most valuable hotel buildings ever constructed.

Las Vegas Sands is also pursuing opportunities in the US market. The company is actively seeking a casino license in New York, estimating the cost of the building to be around $6 billion. Las Vegas Sands sees the US market as a massive opportunity and is prepared to move quickly if granted the license.

Additionally, Las Vegas Sands, together with the Adelson and Dumont families, acquired controlling interest in the Dallas Mavericks NBA team. The company is actively working towards the development of integrated resorts in Texas, particularly in Dallas, and supports the liberalization of gaming in the state.