Las Vegas Sands reported substantial growth for the fourth quarter ending Dec. 31, 2023.
The casino and resort giant generated $2.9 billion in revenue in Q4 2023 — a 161% increase year-over-year. The uptick in revenue in Q4 2023 was spearheaded by Sands’ casino business, which posted $2.1 billion in revenue during the quarter — up from $654 million in Q4 2022.
Sands, which owns properties in China and Singapore, also reported an improvement in fourth-quarter net income. The Las Vegas-based company posted a net income from continuing operations of $469 million in Q4 2023 compared to a net loss of $269 million in Q4 2022.
“We were extremely pleased with our financial and operating results for the quarter, which reflect the ongoing improvement in the operating environment in both Macao and Singapore,” said CEO Robert G. Goldstein. “We are fortunate that our financial strength supports our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets, and the return of capital to stockholders.”
In Q4 2023, Sands repurchased $505 million worth of shares under its repurchase program allowing the company to return excess capital to stockholders. Sands also agreed to purchase roughly $250 million of Sands China stock during the quarter to increase its ownership interest.
The transaction is expected to close in the first half of 2024. In Q4 2023, Sands China generated $1.8 billion in revenue — a 323% increase compared to the same period the year prior.
The results for Sands in Q4 2023 allowed the company to finish the fiscal year strong. Full-year net income reached $1.4 billion in FY2023, up from a net loss of $1.5 billion in 2022.
Preparing to enter one of America’s largest gaming markets
Last year, Sands secured a 99-year lease agreement in New York with Nassau County for an entertainment and casino development project. Sands plans to build the project, named the Nassau Hub, on the Nassau Veterans Memorial Coliseum site in Long Island if the company is awarded one of three downstate New York casino licenses. As part of the agreement, Sands is required to pay Nassau County $60 million upfront regardless of if they are awarded a license. The cost of rent for the property is currently $5 million a month but would increase to $10 million a month with a license issued from the New York Gaming Facility Board.
Nassau County Executive Bruce Blakeman projects the development could bring in $25 million in additional revenue to the county. Despite the potential revenue, Sand’s looming project has been met with backlash from neighboring entities, including Hofstra University.
