Las Vegas Sands Reports Q3 Revenue Decline

Las Vegas Sands reported a disappointing Q3 2024, with net revenue falling 4.3% year-on-year to $2.68 billion and net income dropping by 21.4% to $353 million. The company's earnings per share of $0.44 missed analysts' expectations of $0.53, reflecting challenges from ongoing renovations at its Londoner casino in Macao and lower-than-expected income in Singapore. Consolidated adjusted property EBITDA decreased by 11.5% to $991 million, with mixed performance across properties. Despite these declines, Las Vegas Sands continued its share repurchase program, buying back $450 million in stock and authorizing an additional $2 billion for future buybacks. CEO Robert Goldstein acknowledged the ongoing recovery in Macao but noted that visitation remains below pre-pandemic levels. The company's stock has underperformed this year, raising questions about future earnings and growth prospects.