Las Vegas Sands announced that they have their sights set on further growth in Macao following tremendous success in the region that led to a surge in revenue to $10.38 billion during the 2024 financial year. Sands experienced substantial growth in both Macao and Singapore in 2023, with Macao reporting the most significant growth as revenue skyrocketed by 303.1% to $6.56 billion.
Sands continued to highlight the extent of growth in Macao after all remaining Covid-19 measures were dropped, allowing players to visit casinos without capacity limits. CEO and chairman Rob Goldstein expressed confidence in the continued growth of the Macao market and referenced forecasts that the market could reach a value as high as $40.00 billion.
Goldstein also mentioned ongoing investment programs, such as the $1.20 billion reinvestment program at its Londoner site in Macao, that is expected to drive further growth in the region.
In terms of its full-year performance, Sands’ revenue in Macao amounted to $6.56 billion, a significant increase from the previous year. The Venetian Macao reported a revenue increase of 293.3% to $2.68 billion, while the Londoner saw a 412.0% revenue hike to $1.79 billion.
The company’s revenue from Singapore increased by 53.0% to $3.95 billion, with all revenue in Singapore coming from the Marina Bay Sands venue in the city center.
Despite the revenue growth, Sands reported a net profit decrease due to higher operating expenses, totaling $8.06 billion, and some one-time gains in the previous year. However, adjusted property EBITDA for the full year increased by 458.1% to $4.09 billion.
In the final quarter of the year, Sands’ revenue increased by 161.0% to $2.92 billion, with significant revenue growth recorded in Macao and Singapore.
Goldstein also mentioned expansion plans for Sands in the US, particularly in New York and Texas. Sands aims to open a new $6.00 billion facility in New York and has expressed interest in exploring opportunities in Texas where gambling has not yet been legalized.
Overall, Sands remains optimistic about its future growth opportunities in Macao, Singapore, and potential expansions in the US.