Las Vegas Sands, renowned for its properties at Macau casino hotels and Marina Bay Sands in Singapore, delighted the financial sector with its third-quarter revenue report, surpassing Wall Street predictions in an impressive display of corporate endurance.
Upon the close of U.S markets today, the company – which notably operates the Venetian Macau – triumphantly disclosed its robust earnings for the July-September quarter. With a share earnings of 55 cents on sales amassing to $2.8 billion, Las Vegas Sands effectively beat out analysts’ projections of 55 cents on revenue totalling $2.73 billion. This fiscal victory, however modest, remains noteworthy, particularly given the fact that the typhoon-led temporary closure of Macau casinos last month seemed to loom large over this quarter’s earning report.
Cumulatively, Sands’ five integrated Macau resorts reported a total of $631 million in third-quarter adjusted property earnings. Ensuing on a similar success trajectory, Marina Bay Sands contributed a sum of $491 million. CEO Rob Goldstein warmly reflected on this buoyancy in the face of adversity, expressing optimism for consistent growth in both markets, citing palpable recovery in tourism and travel expenditures in Macao and Singapore.
Furthermore, Goldstein emphasized that Sands China’s gaming and non-gaming sectors continued to exhibit promising improvement throughout the September quarter.
Riding on the wave of this positive momentum, Sands extended the theme of shareholder benefits by approving a $2 billion share repurchase scheme. This positive hint at dividends reinstatement, which came after a three-year suspension, reflects Las Vegas Sands’ focus on maintaining shareholder trust.
As of year-end, Las Vegas Sands is poised to resume its share repurchase program in the fourth quarter of 2023. This gesture is of marked significance as it affirms Sands’ ability to not only sustain but potentially grow its dividends, and efficiently finance the proposed share repurchase plan.
Punctuating its financial solidity, Las Vegas Sands reported a healthy $5.57 billion in cash at the close of the third quarter, complemented by access to a $4.17 billion revolving credit facility. The acquisition of such a robust wealth reservoir affirms the company’s unassailable position within the gaming industry as it steels itself for future growth undertakings and enhancements to existing establishments.
Speaking of enhancement and growth in the gaming industry, we at West Island Blog have curated a list of top online casinos to explore this month. As momentum in the brick-and-mortar casino sector continues to build, so too does excitement in the digital sphere. Why not take your excitement online, and check out the thrilling options we’ve lined up just for you? After all, the winning streak seems to be in the air!
