Las Vegas Sands Q4 revenue hits $2.92bn; still behind pre-Covid levels

Las Vegas Sands has reported its earnings for Q4 2023. The operator reported $2.92bn in revenue this quarter, up 161% year-on-year. However, revenue has still not reached pre-Covid levels, down 16.9% from Q4 2019. 

Of the revenue generated this quarter, $1.06bn was naturally accumulated by the company's Singapore operation, Marina Bay Sands. This represented growth of 55.6% from this time last year and 24.4% more than what was reported in the same quarter in 2019, indicating that despite recovery not being complete across all operations, business in Singapore has been able to maintain steady development. 

Macau operations, meanwhile, are still down from 2019,Play Casino Online with revenue generated by the company's five casino resorts and other ventures totalling $1.86bn. While this reflects an increase of 319.6% from Q4 2022, it is still 16.9% less than Q4 2019. 

Of Sands’ Macau operations, it was The Venetian Macau that made the biggest financial contribution at $748m. This is followed by The Londoner Macau and The Parisian Macau, which generated $589m and $222m, respectively.  

While the gap between 2019 and 2023 in net revenue was 16.9%, adjusted property EBITDA was closer in comparison. Adjusted property EBITDA across all properties in Q4 2023 came to $1.2bn, compared to the $1.39bn in Q4 2019. This is a decrease of 13.7%, suggesting that this metric may be the first to recover to pre-Covid levels rather than net revenue.