Net income attributable to the owners at casino operator Las Vegas Sands Corp (LVS) fell 27.6 percent year-on-year in the third quarter, the firm said in a Wednesday announcement in the United States. Such income was US$275 million compared to US$380 million in the third quarter of 2023.

Casino revenues for the three months to September 30 were down 3.6 percent, at just under US$1.94 billion, versus nearly US$2.01 billion a year earlier.

The group controls Macau casino operator Sands China Ltd, and also controls the Marina Bay Sands resort, one half of Singapore’s casino duopoly.

Robert Goldstein, chairman and chief executive of Las Vegas Sands, was cited as saying in a press release accompanying the results: “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 Macao, we continued to execute our strategic objectives during the quarter.”

Las Vegas Sands paid a quarterly dividend of US$0.20 per common share during the quarter. It announced its next quarterly dividend of US$0.20 per common share will be paid on November 13, to stockholders of record as of November 5.

Net revenues from Macau operations fell 1.0 percent year-on-year in the third quarter, to just over US$1.77 billion.

Adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) from the Macau business were US$585 million, down 7.3 percent year-on-year.

JP Morgan Securities (Asia Pacific) Ltd said in a Thursday note regarding Hong Kong-listed Sands China: “Third quarter was much better than feared, with EBITDA beating consensus by over 5 percent thanks to strong cost controls, as well as its resilient market shares (flat quarter-on-quarter for both total and mass GGR) despite the disruptions from The Londoner [Macao].”

That was a reference latterly to gross gaming revenue, and to remodelling work in a casino and a hotel tower at one of Sands China’s Cotai resorts.

JP Morgan analysts DS Kim, Mufan Shi and Selina Li added that Sands China’s quarterly property EBITDA “actually went up 4 percent quarter-on-quarter… which beat [market] consensus of approximately US$550 million by 5 percent and meaningfully outperformed the industry’s momentum”.

On Wednesday prior to the parent’s results, Sands China said in a Hong Kong filing it had a new credit facility agreement amounting to HKD32.45 billion (US$4.18 billion).

Singapore ops, group-wide objectives

For Marina Bay Sands, the third quarter saw net revenues down 9.5 percent year-on-year, to US$919 million. Its adjusted property EBITDA for the three months to September 30 declined by 17.3 percent year-on-year, at US$406 million.

Rolling chip volume at the Singapore operation contracted by 19.5 percent year-on-year in the quarter, to just under US$6.56 billion. Non-rolling chip drop went up 9.8 percent, to just under US$2.13 billion. Slot handle was down 8.0 percent, at nearly US$5.86 billion.

Las Vegas Sands’ group-wide strategic objectives were outlined in a presentation deck accompanying the third-quarter results. It mentioned: ongoing capital investment programmes in Macau and Singapore; adding suite capacity in both markets “to attract more high-value business”; its programme to “return excess capital to shareholders through share repurchases and dividends”; and pursuit of “development opportunities in new jurisdictions”.

The group has previously mentioned qualified interest in Thailand if it legalises casinos.

JP Morgan said that the former Sheraton Macao hotel at The Londoner Macao – which had 4,000 rooms – was being remodelled “in a staggered manner”, and would reopen as Londoner Grand Hotel “with 2,405 keys (1,500 suites plus 905 rooms) by May 2025”.

In Singapore, Las Vegas Sands outlined that a US$1.75-billion capital investment programme “to enhance leisure business and tourism” will be completed in second-quarter 2025.

It added that at Marina Bay Sands “through September 30, 2024, 531 suites have been introduced, with 244 additional suites to come online in phases through second quarter 2025”, via an ongoing revamp project of its existing hotel accomodation.

The presentation also noted that “Tower Gaming at Marina Bay Sands opened in late September”.

The presentation further mentioned: “While the Macau market recovery in the premium mass segment has been strong, the market recovery in the base mass segment, and in particular in unrated play, remains well below 2019 levels.”