Las Vegas Sands reports revenue decline in Q3
The third quarter of the year has brought negative results for Las Vegas Sands, as the company reported a 4% decline in revenues.
US.- Las Vegas Sands has released its third-quarter financial results, which show a 4% decline in revenue. The three-month period ended September 30 has brought US$3.3 billion in net revenue, which is a 4% decline when compared to 2018’s figures.
The company said that operating income and net income decreased in Q3. While operating income fell 3% to US$899 million, the latter posted a 4% decrease to US$669 million in the third quarter.
Moreover, consolidated adjusted property EBITDA was US$1.3 billion, consistent with the second quarter according to Las Vegas Sands. Consolidated adjusted property EBITDA on a hold-normalised basis fell 3% to US$1.3 billion.
Net income attributable to Las Vegas Sands in the third quarter of 2019 decreased to US$533 million, compared to US$571 million in the third quarter of 2018, while diluted earnings per share decreased 5.5% to US$0.69.
The company explained that it amended and restated its Singapore credit facility to provide financing for the expansion project at Marina Bay Sands. This resulted in a new delayed draw term facility, increased capacity on the existing available revolving facility and an extension of the maturity dates of the existing term loans.
Sheldon Adelson’s word
“We delivered solid financial results in the quarter, with Adjusted Property EBITDA reaching US$1.28 billion,” said Sheldon G. Adelson, chairman and chief executive officer. “We remain enthusiastic about our future growth opportunities in Asia. Next year, we will introduce approximately two million square feet of luxurious suite accommodations on the Cotai Strip with the opening of the Grand Suites at Four Seasons Macao and The Londoner Tower Suites. Additional tourism and entertainment amenities of The Londoner Macao will debut throughout 2020 and 2021. Looking further ahead, the expansion of Marina Bay Sands in Singapore will expand our suite capacity by 40% and introduce a state-of-the-art entertainment arena, both of which should contribute to growth in the future. We are also aggressively pursuing additional development opportunities in new markets, including in Japan.
”Finally, we remain deeply committed to maintaining our industry-leading financial strength while continuing to increase the return of capital to shareholders.”
