Las Vegas Sands Q3 2024: Growth and Development

Overview of Las Vegas Sands Corp.

Las Vegas Sands Corp. (LVS) is a global leader in the development and operation of integrated resorts, with flagship properties in Macao and Singapore, including The Venetian Macao, The Parisian Macao, and Marina Bay Sands. Under the leadership of Chairman and CEO Robert G. Goldstein, LVS emphasizes innovation, operational excellence, and delivering world-class guest experiences. Employing approximately 38,700 people globally, the company upholds core values of investing in people, supporting communities, and promoting sustainability. In Q3 2024, LVS reported total revenue of $2.682 billion, with $1.771 billion from Macao operations and $919 million from Marina Bay Sands in Singapore. 

The company is advancing several major projects, including the $8 billion Marina Bay Sands Expansion, featuring a fourth tower with luxury suites, gaming areas, and a new arena, as well as the continued development of The Londoner Macao, set to deliver 1,500 suites by 2025. Additionally, LVS expanded its U.S. footprint with the acquisition and leasing of the Nassau Veterans Memorial Coliseum in New York. These initiatives reflect LVS’s commitment to growth, diversification, and maintaining its leadership in the global hospitality and gaming sectors.

Q3 2024 Financial Performance

For Q3 2024, Las Vegas Sands reported net revenue of $2.682 billion, reflecting a 2.86% decrease from Q2 2024 and a 4.04% decline compared to Q3 2023. The breakdown of total revenue by segment is as follows:

• Macao Operations: $1.771 billion
• Singapore (Marina Bay Sands): $919 million
• Intercompany Royalties: $60 million
• Intercompany Eliminations: $(68) million

The net revenue structure across business activities for Q3 2024 was:

• Casino: $1.936 billion (72.18%)
• Rooms: $314 million (11.71%)
• Food and Beverage: $152 million (5.67%)
• Mall: $189 million (7.05%)
• Convention, Retail, and Other: $91 million (3.39%)

Our company has compiled a dataset containing complete financial and corporate information about the company for the previous Q2 FY2024, which you can access via the link.

Development Projects

Las Vegas Sands Corp. continues to expand its footprint through ambitious development projects across multiple regions. These projects are designed to enhance the company’s offerings, boost revenue streams, and solidify its leadership in the integrated resort industry.

Macao: The Londoner Grand Casino officially opened on September 26, 2024, further enhancing the company’s offerings in Macao.

Singapore: The Marina Bay Sands Expansion Project involves constructing an additional tower adjacent to the existing property. As of September 30, 2024, the company has invested $1.3 billion in this project, including the 2019 land lease payment. Additionally, renovations of Towers 1 and 2 of Marina Bay Sands have been successfully completed.

New York: In June 2023, LVS acquired the Nassau Veterans Memorial Coliseum. By August 16, 2024, it signed a 42-year lease agreement for the exclusive operation of assets on 72 acres of land, including the Coliseum.

Through these projects, Las Vegas Sands demonstrates its commitment to innovation, sustainability, and delivering unparalleled guest experiences, ensuring long-term growth and competitive advantage.

Conclusion

Las Vegas Sands Corp. continues to strengthen its position in the global integrated resort industry. Despite a slight decline in revenue, the company’s development projects across Macao, Singapore, and New York signal a commitment to long-term growth and diversification. These initiatives are poised to enhance the company’s market presence and drive future profitability.