Las Vegas Sands Reports Strong Q3 2024 Results

TL;DR

LVS Q3: $2.8B revenue, $1.21B net income YTD. Macau & Singapore driving growth.

AI Summary

Las Vegas Sands Corp. reported its Q3 2024 results, with total revenue reaching $2.80 billion for the nine months ending September 30, 2024. Net income for the same period was $1.21 billion. The company's operations in Macau and Singapore continue to be key drivers of its financial performance.

Why It Matters

This filing provides insight into the financial health and operational performance of a major player in the global casino and hospitality industry, impacting investors and the broader travel sector.

Risk Assessment

Risk Level: medium — The company operates in a highly regulated and cyclical industry, subject to economic downturns and geopolitical risks, particularly in its key Asian markets.

Key Numbers

• $2.80B — Revenue (YTD) (Nine months ending September 30, 2024)
• $1.21B — Net Income (YTD) (Nine months ending September 30, 2024)
• 2024-09-30 — Reporting Period End (Quarterly filing)

Key Players & Entities

• LAS VEGAS SANDS CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• $2.80 billion (dollar_amount) — Total Revenue for nine months ending September 30, 2024
• $1.21 billion (dollar_amount) — Net Income for nine months ending September 30, 2024

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock ($0.001 par value) LVS New York Stock Exchange

Filing Documents

• lvs-20240930.htm (10-Q) — 2359KB
• lvs_ex101x09302024.htm (EX-10.1) — 1211KB
• lvs-ex311x09302024.htm (EX-31.1) — 9KB
• lvs-ex312x09302024.htm (EX-31.2) — 10KB
• lvs-ex321x09302024.htm (EX-32.1) — 5KB
• lvs-ex322x09302024.htm (EX-32.2) — 5KB
• lvs-20240930_g1.jpg (GRAPHIC) — 24KB
• 0001300514-24-000136.txt ( ) — 10293KB
• lvs-20240930.xsd (EX-101.SCH) — 48KB
• lvs-20240930_cal.xml (EX-101.CAL) — 69KB
• lvs-20240930_def.xml (EX-101.DEF) — 266KB
• lvs-20240930_lab.xml (EX-101.LAB) — 531KB
• lvs-20240930_pre.xml (EX-101.PRE) — 383KB
• lvs-20240930_htm.xml (XML) — 1535KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Note 1 — Organization and Business of Company 8 Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities 10 Note 3 — Long-Term Debt 11 Note 4 — Derivative Instruments 14 Note 5 — Equity and Earnings Per Share 15 Note 6 — Income Taxes 17 Note 7 — Leases 17 Note 8 — Fair Value Disclosures 19 Note 9 — Commitments and Contingencies 20 Note 10 — Segment Information 23 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 54 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 55 Item 1A.

Risk Factors

Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 5. Other Information 55 Item 6. Exhibits 56

Signatures

Signatures 57 2 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

— FINANCIAL STATEMENTS

ITEM 1 — FINANCIAL STATEMENTS LAS VEGAS SANDS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (In millions, except par value) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,208 $ 5,105 Accounts receivable, net of provision for credit losses of $ 191 and $ 201 413 484 Inventories 41 38 Prepaid expenses and other 163 150 Total current assets 4,825 5,777 Loan receivable 1,246 1,194 Property and equipment, net 12,059 11,439 Restricted cash and cash equivalents 125 124 Deferred income taxes, net 129 121 Leasehold interests in land, net 2,109 2,249 Goodwill and intangible assets, net 560 598 Other assets, net 301 276 Total assets $ 21,354 $ 21,778 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 139 $ 167 Construction payables 337 146 Other accrued liabilities 1,923 1,948 Income taxes payable 223 261 Current maturities of long-term debt 2,728 1,900 Total current liabilities 5,350 4,422 Other long-term liabilities 888 936 Deferred income taxes 185 187 Long-term debt 11,284 12,129 Total liabilities 17,707 17,674 Commitments and contingencies (Note 9) Equity: Preferred stock, $ 0.001 par value, 50 shares authorized, zero shares issued and outstanding — — Common stock, $ 0.001 par value, 1,000 shares authorized, 834 and 833 shares issued, 725 and 753 shares outstanding 1 1 Treasury stock, at cost, 109 and 80 shares ( 6,304 ) ( 4,991 ) Capital in excess of par value 6,369 6,481 Accumulated other comprehensive income 84 27 Retained earnings 3,276 2,600 Total Las Vegas Sands Corp. stockholders' equity 3,426 4,118 Noncontrolling interests 221 ( 14 ) Total equity 3,647 4,104 Total liabilities and equity $ 21,354 $ 21,778 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents LAS VEGAS SANDS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months End

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View this 10-Q filing on SEC EDGAR