LVSC(LVS) - 2024 Q1 - Quarterly Results

Financial Performance - Net Revenue of $2.96 billion and Net Income of$ 583 million for Q1 2024[2] - Sands China Ltd. (SCL) reported a 42% increase in total net revenues to $1.80 billion compared to Q1 2023[6] - Net revenues for March 2024 increased to$ 2.959 billion, up from $2.120 billion in March 2023, representing a 39.6% year-over-year growth[30] - Casino revenues grew to$ 2.228 billion in March 2024, a 44.6% increase compared to $1.541 billion in March 2023[30] - Net income attributable to Las Vegas Sands Corp. rose to$ 494 million in March 2024, a 236.1% increase from $147 million in March 2023[30] - Adjusted net income attributable to LVS increased to$ 566 million in March 2024, up from $217 million in March 2023, representing a 160.8% growth[39] - The Venetian Macao's net revenues increased to$ 771 million in March 2024 from $558 million in March 2023, a 38.2% increase[50] - The Londoner Macao's net revenues surged to$ 562 million in March 2024 from $283 million in March 2023, a 98.6% increase[53] - The Parisian Macao's net revenues rose to$ 230 million in March 2024 from $174 million in March 2023, a 32.2% increase[56] - The Plaza Macao and Four Seasons Macao reported a decrease in net revenues from$ 172 million in 2023 to $142 million in March 2024, a decline of$ 30 million[59] - Sands Macao saw a slight increase in net revenues from $74 million in 2023 to$ 76 million in March 2024, with Adjusted Property EBITDA rising from $10 million to$ 12 million[62] - Marina Bay Sands experienced a substantial increase in net revenues from $848 million in 2023 to$ 1,158 million in March 2024, driven by a $266 million rise in casino revenues[65] Adjusted Property EBITDA - Consolidated Adjusted Property EBITDA reached$ 1.21 billion, with Macao contributing $610 million and Marina Bay Sands contributing$ 597 million[2] - Adjusted Property EBITDA for March 2024 reached $1.207 billion, a 52.4% increase from$ 792 million in March 2023[33] - The Venetian Macao's Adjusted Property EBITDA margin improved to 40.7% in March 2024, up from 37.6% in March 2023[33] - Marina Bay Sands' Adjusted Property EBITDA margin increased to 51.6% in March 2024, compared to 46.5% in March 2023[33] - The Venetian Macao's adjusted property EBITDA increased to $314 million in March 2024 from$ 210 million in March 2023, a 49.5% increase[50] - Adjusted Property EBITDA for The Plaza Macao and Four Seasons Macao dropped from $75 million in 2023 to$ 36 million in March 2024, with the EBITDA margin decreasing from 43.6% to 25.4%[59] - Adjusted Property EBITDA for Marina Bay Sands surged from $394 million in 2023 to$ 597 million in March 2024, with the EBITDA margin improving from 46.5% to 51.6%[65] Capital and Debt Management - The company repurchased $450 million of common stock during the quarter, with$ 1.05 billion remaining under the share repurchase program[10] - Capital expenditures totaled $196 million, including$ 99 million at Marina Bay Sands and $90 million in Macao[12] - Unrestricted cash balances as of March 31, 2024, were$ 4.96 billion, with $4.43 billion available for borrowing under credit facilities[11] - Total debt outstanding, excluding finance leases and financed purchases, was$ 13.94 billion as of March 31, 2024[11] - The weighted average borrowing cost decreased to 5.0% in Q1 2024 from 5.4% in Q1 2023[7] Dividends and Shareholder Returns - The company paid a quarterly dividend of $0.20 per common share and announced the next dividend payment for May 15, 2024[10] Tax and Financial Ratios - The effective income tax rate for Q1 2024 was 2.8%, significantly lower than the 25.6% rate in the prior year quarter[9] Casino and Table Games Performance - Hold-adjusted win percentage had a negative impact of$ 47 million on net revenues in March 2024, compared to a positive impact of $1 million in March 2023[43] - The Venetian Macao's table games win per unit per day increased to$ 10,901 in March 2024 from $8,576 in March 2023, a 27.1% increase[47] - The Londoner Macao's table games win per unit per day surged to$ 10,671 in March 2024 from $5,378 in March 2023, a 98.4% increase[47] - The Parisian Macao's table games win per unit per day rose to$ 7,128 in March 2024 from $5,632 in March 2023, a 26.6% increase[47] - The Plaza Macao and Four Seasons Macao's table games win per unit per day increased to$ 16,619 in March 2024 from $13,630 in March 2023, a 21.9% increase[47] - Sands Macao's table games win per unit per day grew to$ 6,753 in March 2024 from $4,538 in March 2023, a 48.8% increase[47] - Marina Bay Sands' table games win per unit per day jumped to$ 17,597 in March 2024 from $11,222 in March 2023, a 56.8% increase[47] - Rolling Chip Volume at The Plaza Macao and Four Seasons Macao increased significantly from$ 1,227 million in 2023 to $2,500 million in March 2024, a rise of$ 1,273 million[59] - Rolling Chip Volume at Marina Bay Sands grew from $7,075 million in 2023 to$ 8,241 million in March 2024, an increase of $1,166 million[65] Retail and Property Performance - The Shoppes at Venetian reported a gross revenue of$ 54 million with an operating profit margin of 90.7% and an occupancy rate of 82.0% at the end of the period[68] - Total Cotai Strip in Macao recorded gross revenues of $115 million with an operating profit margin of 89.6% and an occupancy rate of 77.3%[68] - The Shoppes at Marina Bay Sands achieved gross revenues of$ 59 million with an operating profit margin of 86.4% and an occupancy rate of 99.8%[68] Regional Performance - Macao Operations' net revenues grew to $1.811 billion in March 2024, a 41.6% increase from$ 1.279 billion in March 2023[33] - The Londoner Macao's net revenues more than doubled to $562 million in March 2024, compared to$ 283 million in March 2023[33]