The following is a summary of the Las Vegas Sands Corp. (LVS) Q1 2024 Earnings Call Transcript:
Financial Performance:
The company sees a steady growth in Macao's market with annual run rate increasing each quarter, culminating in a revenue of $28 billion.
Despite disruptions, a solid result for the quarter was delivered in Macao with an EBITDA of $610 million.
Singapore has seen record performance with MBS and EBITDA at its peak of $597 million.
The company repurchased $450 million of LVS stock and maintained quarterly dividends.
LVS witnessed payroll cost inflation due to holiday pay and salary increments.
The company achieved a one-time tax reversal in Macau amounting to $57 million, but expects future tax rates to normalize.
The company is working on reducing its debt levels at the LVS and SEL.
Business Progress:
The company expects future growth in Macao, aiming to secure this through investment in quality and scale of market assets. An estimated growth to $30 billion - $40 billion is anticipated in the coming years.
The company is involved in capital work renovations at The Londoner and Cotai Arena, which are expected to strengthen its competitive position by 2025.
The company sees potential growth in Singapore as investment programs are completed.
Future investment is being funneled into asset development in Macau and renovations in Singapore. Planned expansions to New York City and Thailand are ongoing.
There's an intent to reduce total debt borrowed during the pandemic.
The company is interested in expanding into Thailand due to its high growth potential.
An investment-grade balance sheet is to be maintained while the company actively seeks new development opportunities.
The company's share in 1928 HK has escalated to 71%, and there are active efforts to further increase this stake.
More details: Las Vegas Sands IR
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