Las Vegas Sands has reaffirmed its commitment to ongoing development and new market opportunities, as the firm releases its latest financial report for both 2019’s final quarter and full year.
Stressing that the company is “aggressively pursuing” potential developments across new regions, LVS saw Q4 revenue raised slightly to $3.5bn (2018: $3.47bn) which in turn boosted in FY figure to $13.73bn (2018: $13.72bn) for the period ending December 31, 2019.
Operating income for the quarter increased 69 per cent from $874m to $934m, as LVS’ full year figures decreased slightly to $3.69bn (2018: $3.75bn). Net income during Q4 swung to $783m compared to a net loss of $40m, finishing at $3.3bn for the year, an 11.9 per cent rise from $2.9bn.
“We delivered solid financial results in the quarter, with adjusted property EBITDA reaching $1.39bn,” explained Sheldon Adelson, chairman and chief executive officer of LVS. “We remain enthusiastic about our future growth opportunities in Asia.
“This 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 meaningfully increase our suite capacity and introduce a state-of-the-art entertainment arena, both of which should contribute to future growth. 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. As previously announced, our annual dividend for the 2020 calendar year will increase to $3.16 per share, or $0.79 per share per quarter.”
The Venetian Macao remains the dominant force in the LVS portfolio with a slight Q4 decrease to $908m (2018: $919m), with FY figures rising a little over one per cent to $3.51bn (2018: $3.47bn). Total Macau operations declined slightly on a quarterly basis to $2.24bn (2018: $2.25bn), with $8.83bn (2018: $8.68bn) reported for the full year.
Singapore’s Marina Bay Sands follows closely behind The Venetian Macao with a 17.4 per cent quarterly increase to $853m (2018: $726m), boosting its FY performance to $3.1bn (2018: $3.06bn).
