Las Vegas Sands reported its Q4 2024 results and fiscal year revenue. Q4 net income was down by 0.7% compared to 2023, falling from $2.91 billion to $2.89 billion.
Casinos generated $2.1 billion in Q4 revenue, a marginal decline from Q4 2023. Meanwhile, revenue declined in verticals for Room, Food and Beverages, and Mall. The steepest drop came in the Las Vegas Sands mall sector, where income fell by over $13 million.
However, Convention, Retail, and Other revenue jumped from $88 million in Q4 2023 to $100 million in Q4 2024.
Chairman and Chief Executive Officer of Las Vegas Sands, Robert G. Goldstein, said, “We continued to execute our strategic objectives during the quarter. We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore in the years ahead as we execute our capital investment programs in both markets.”
Meanwhile, operating income sharply declined from $710 million in Q4 2023 to $590 million in Q4 2024. Net income also fell from $469 million to $392 million, while consolidated adjusted property EBITDA declined from $1.2 billion to $1.11 billion.
Year-on-Year Q4 decline doesn’t stop positive full-year performance
While Q4 wasn’t the strongest for Las Vegas Sands, the company still ended the year positively, collecting $2.4 billion in operating income compared to $2.31 billion in 2023.
Overall Casino revenues hit $8.3 billion, a $7.5 billion jump from 2023. Meanwhile, Room and Food and Beverage profits increased to $1.2 billion and $607 million, respectively. Convention, Retail, and Other also saw a revenue bump from $296 million in 2023 to $359 million in 2024. Only the Mall vertical posted an income drop, declining from $767 million to $755 million.
Goldstein commented, “Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”
It’s no surprise Singapore's market is performing well for Las Vegas Sands and Goldstein mentioned it multiple times in the revenues press release. Las Vegas Sands signed an agreement with Singapore's Tourism Board to expand its Marina Bay Sands property, with work expected to begin later in 2025.
Goldstein highlighted the property, saying, “In Singapore, Marina Bay Sands continued to deliver outstanding financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia expands.”
