Las Vegas Sands has published its financial results for the quarter ended June 30, 2019, showing net revenue of $3.33bn, ahead 0.9% year-on-year. Operating income increased 12.2% to $894m, while net income increased 63.9% to $1.11bn and included a gain of $556m related to the sale of Sands Bethlehem.
Consolidated adjusted property EBITDA (a non-GAAP measure) was $1.27bn, an increase of 3.3% compared to the prior year quarter. On a hold-normalized basis, consolidated adjusted property EBITDA increased 3.6% to $1.29bn.
“We delivered solid financial results in the quarter, with hold-normalized Adjusted Property EBITDA reaching nearly $1.3bn,” said Sheldon G Adelson, Chairman and CEO. “We remain enthusiastic about our future growth opportunities in Asia, which will be enhanced through the introduction of our Four Seasons Tower Suites Macao later this year, the Londoner Macao throughout 2020 and 2021 and the expansion of Marina Bay Sands in Singapore thereafter.
“We are also aggressively pursuing additional development opportunities in new markets, including in Osaka, Japan. Finally, we remain deeply committed to maintaining our industry-leading financial strength while continuing to return capital to shareholders.”
The company paid a recurring quarterly dividend of $0.77 per common share and increased its return of capital through share repurchases of $180m during the quarter. Its next quarterly dividend of $0.77 per common share will be paid on September 26, 2019, to Las Vegas Sands shareholders of record on September 18, 2019.
Headline figures:
- Consolidated net revenue of $3.33bn
- Net income of $1.11bn; GAAP earnings per diluted share of $1.24; adjusted earnings per diluted share of $0.72
- Consolidated adjusted property EBITDA of $1.27bn
- Las Vegas operating properties adjusted property EBITDA was $136m
