Las Vegas Sands has reaffirmed its commitment to ongoing development and new market prospects, with the company publishing its latest financial statements for both the final quarter and the full year of 2019.
Stressing that the organisation is “aggressively pursuing” future opportunities in new regions, LVS saw a slight increase in Q4 sales to $3.5 billion (2018: $3.47 billion) which, in effect, raised the FY figure to $13.73 billion (2018: $13.72 billion) for the period ending 31 December 2019.
Operating income for the quarter increased 69 per cent from $874 million to $934 million, as the full-year figures for LVS decreased slightly to $3.69 billion (2018: $3.75 billion). Net income jumped to $783 million during Q4 compared to a net loss of $40 million, ending at $3.3billion per year, up 11.9% from $2.9billion per year.
Sheldon Adelson, chairman and chief executive officer of LVS explained: “We delivered solid financial results in the quarter, with adjusted property EBITDA reaching $1.39billion.”
“This 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 meaningfully increase our suite capacity and introduce a state-of-the-art entertainment arena, both of which should contribute to future growth. 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. As previously announced, our annual dividend for the 2020 calendar year will increase to $3.16 per share, or $0.79 per share per quarter.”
The Venetian Macao continues to be the dominant force in the LVS portfolio with a slight Q4 drop to $908 million (2018: $919 million), with FY figures rising to $3.51billion (2018: $3.47billion) a little over one percent. Total Macau operations declined slightly to $2.24billion (2018: $2.25billion) on a quarterly basis, with $8.83billion (2018: $8.68billion) reported for the full year.
Singapore’s Marina Bay Sands follows closely behind The Venetian Macao with a quarterly increase of 17.4 per cent to $853 million (2018: $726 million), boosting its FY performance to $3.1 billion (2018: $3.06 billion).