Q3 returns have taken a dip for casino and convention-based resort operator Las Vegas Sands according to the firm’s quarterly financial update published this week.
In the trading period to September 30, 2019, net revenue was $3.25bn, down 3.6% year-on-year. Operating income decreased 2.5% to $899m, while net income fell 4.3% to $669m. Consolidated adjusted property EBITDA was $1.28bn, consistent with the prior year quarter. On a hold-normalized basis, consolidated adjusted property EBITDA decreased 3.0% to $1.25bn.
Sheldon G Adelson, chairman and CEO, told investors: “We delivered solid financial results in the quarter, with adjusted property EBITDA reaching $1.28bn. We remain enthusiastic about our future growth opportunities in Asia. Next year, we will introduce approximately two million square feet of luxurious suite accommodations on the Cotai Strip with the opening of the Grand Suites at Four Seasons Macao and The Londoner Tower Suites.
“Additional tourism and entertainment amenities of The Londoner Macao will debut throughout 2020 and 2021. Looking further ahead, the expansion of Marina Bay Sands in Singapore will expand our suite capacity by 40% and introduce a state-of-the-art entertainment arena, both of which should contribute to growth in the future. We are also aggressively pursuing additional development opportunities in new markets, including in Japan.
“Finally, we remain deeply committed to maintaining our industry-leading financial strength while continuing to increase the return of capital to shareholders. I am pleased to announce the Las Vegas Sands Board of Directors has approved an increase in our annual dividend for the 2020 calendar year, our eighth consecutive annual increase, to $3.16 per share, or $0.79 per share per quarter.”