Summary by Moomoo AI
Las Vegas Sands (LVS) has reported a significant recovery in its financial performance for the year 2023, with net revenues reaching $10.37 billion, a substantial increase from $4.11 billion in 2022. The improvement was primarily driven by the lifting of COVID-19 restrictions in Macao and Singapore, leading to increased visitation and gaming volumes. Operating income for 2023 was $2.31 billion, compared to an operating loss of $792 million in 2022. Net income from continuing operations stood at $1.43 billion for 2023, a turnaround from a net loss of $1.54 billion in the previous year. The company's Macao operations saw a 333.8% increase in gross gaming revenue, while Singapore's Marina Bay Sands experienced a 115.8% rise in visitation. The company also made progress on its development projects, including the renovation of The Londoner Macao and Marina Bay Sands. Additionally, LVS acquired the Nassau Coliseum in New York with the intent to obtain a casino license and develop an Integrated Resort. The company's balance sheet remains strong with $5.11 billion in unrestricted cash and cash equivalents and significant available borrowing capacity.