Q4 2024 Las Vegas Sands Corp Earnings Call Transcript
Key Points
- Las Vegas Sands Corp (LVS) reported a 6% growth in Macau market revenue for Q4 2024 compared to the same period in 2023.
- The company opened the Londoner Grand Casino and introduced 315 Londoner Grand suites, with plans to have a full complement of 1,500 suites and 905 rooms by May 2025.
- Marina Bay Sands in Singapore achieved $537 million in adjusted property EBITDA, reflecting a 71% growth compared to Q4 2018.
- LVS repurchased $450 million of its stock and increased its annual dividend to $1 per share for 2025.
- The company is nearing completion of its Londoner Grand renovation program, which is expected to strengthen its competitive position and drive future EBITDA growth.
- Macau's EBITDA was impacted by lower-than-expected hold in the rolling segment, reducing potential EBITDA by $22 million.
- Turnover rents in Macau were $27 million lower in Q4 2024 compared to the previous year.
- The Londoner renovation caused a 20% reduction in room availability, impacting margins and EBITDA.
- Retail sales in Macau were down year-over-year, affecting turnover rent at the Four Seasons Mall.
- Concerns were raised about potential competition from iGaming in New York, which could impact the return profile of a potential casino in that market.
Good day, ladies and gentlemen, and welcome to the Sands' fourth-quarter 2024 earnings call. (Operator Instructions)
It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. Sir, the floor is yours.
Thank you very much. Joining the call today are Rob Goldstein, our Chairman and CEO; Patrick Dumont, our President and COO; Dr. Wilfred Wong, Executive Vice Chairman of Sands China; and Grant Chum, CEO and President of Sands China and EVP of Asia Operations.
Today's conference call will contain forward-looking statements. We'll be making those statements under the Safe Harbor provision of federal securities laws. The company's actual results may differ materially from results subject forward-looking statements. In addition, we will discuss non-GAAP measures, reconciliations to the most comparable GAAP measure are included in our press release. We have posted an earnings presentation on our website.
We will refer
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