Las Vegas Sands Enjoys Strong Q3, Posts $2.8bn in Net Revenue

The leading developer and operator of integrated resorts, Las Vegas Sands (LVS), released its latest financial results, outlining strong performance for the company for the three months ended September 30, 2023. The latest unaudited financial results emerged Wednesday and see the gaming and entertainment operator post $2.8 billion in net revenue for the third quarter of this year. That result represented significant growth when compared to the $1 billion figure reported for the corresponding period in 2022.

The latest report reveals that the net income for the third quarter this year hit $449 million, compared to a net loss of $380 million from Q3 last year. Additionally, the report revealed that LVS’ operating income for the third quarter of this year hit $688 million, compared to an operating loss of $177 million posted for the corresponding period in 2022.

A breakdown of the $2.8 billion in net revenues reveals growth within all operating segments of LVS. The company reported $2 billion in revenue from its casino operations, a significant improvement from the Q2 2022 result of $637 million. Similarly, revenues from rooms increased from $123 million in Q3 2022 to $342 million for Q3 this year.

Another growth was observed in the revenues from food and beverage operations that hit $156 million in Q3 this year, a stark contrast from the $82 million result from Q3 in 2022. Mall and convention, retail and other revenues also increased during the latest quarter, hitting $201 million and $88 million respectively.

The Company Is Excited to See Uptick in Tourism for Macau and Singapore

Robert G. Goldstein, Las Vegas Sands’ CEO and chairman, revealed that the company is delighted to see an uptick in tourism and traveling for strategic markets such as Singapore and Macau for the latest quarter. “We remain deeply enthusiastic about our opportunities for growth in both markets in the years ahead,” he added. Goldstein spoke about the company’s commitment to continue investing in its team members and properties with the ultimate goal of growing further in the future.

“We were pleased to see the recovery in travel and tourism spending in both Macau and Singapore progress during the quarter.“

Robert G. Goldstein, CEO and chairman of Las Vegas Sands

Focusing on the bigger picture, the latest report revealed insights regarding LVS’ performance for the nine months ended September 30, 2023. The total net revenue posted for this period hit $7.5 billion, marking a significant increase when compared to the $2.99 billion result from the same period last year.