Total net revenues for Sands China decreased by 1 percent to US$1.77 billion for the third quarter of 2024, compared to the third quarter of 2023, the casino operator said in a regulatory filing today.
However, net income was US$268 million for the third quarter of 2024, up from US$231 million in the same period last year. The company’s adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA) were US$585 million for the third quarter of this year, compared to an adjusted property EBITDA of US$631 million for the comparable quarter a year ago.
Interest expense, net of amounts capitalised, was US$179 million for the third quarter of 2024, compared to US$200 million in the prior year’s third quarter.
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The statement noted that under a deal completed this month, Las Vegas Sands would receive 23.4 million shares of Sands China’s common stock, increasing its ownership of Sands China to 71.31 percent.
Capital expenditure during the third quarter meanwhile totaled US$539 million, including construction, development and maintenance activities totalling US$313 million in Macao.
Robert G. Goldstein, chairman and chief executive officer of Las Vegas Sands, said: “In Macao, the ongoing recovery continued during the quarter, although visitation to the market remains below the levels reached prior to the pandemic. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world centre of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.”
