Las Vegas Sands Corp. had a profitable third quarter, although it was not as strong as the previous year, and the company plans to continue investing heavily in its resorts in Macao and Singapore. The Las Vegas-based company, which does not have any resorts in the U.S., recently reported a net income of $353 million and revenue of $2.68 billion for the quarter ending on Sept. 30. This was a decrease from the $449 million and $2.8 billion reported in the third quarter of 2023. The company also plans to pay a 20-cent dividend to shareholders in November.
Despite the decline in revenue from a year ago, the company is optimistic about the future of Macao, especially after a successful Golden Week holiday. Sands executives are committed to a $3.4 billion renovation and refurbishment program in Macao, which includes adding a garden-themed attraction to its Londoner property, as well as upgrades to convention and entertainment amenities, food and beverage investments, and enhancements in health and wellness facilities.
In Singapore, the company recently invested $1.75 billion in its Marina Bay Sands property to improve rooms and develop plans for a 15,000-seat arena and a new hotel tower. Sands also secured a credit agreement of $2.51 billion, which will be used to build and improve amenities in Macao. The new credit facility could be drawn on through Sept. 24, 2029, and could potentially be used to pay down other debt.
As part of the process to renew licensing in Macao, Sands committed to investing $3.5 billion in non-gaming amenities in late 2022. While the company’s main focus is on Macao and Singapore, investors inquired about the possibility of Sands joining rivals Wynn Resorts Ltd. and MGM Resorts International in developing a resort in the United Arab Emirates. Sands President and COO Patrick Dumont expressed that the company is always exploring new investment opportunities.
Sands CEO Rob Goldstein mentioned delays in the awarding of a gaming license for downstate New York, which has kept the company in a holding pattern there. He also noted that recent reports of revenue growth from online gambling may alter the landscape in New York. Overall, Sands remains focused on investing in its Asian resorts and exploring potential new opportunities for growth and development.
