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Las Vegas Sands Corp. reports developments tied to its integrated resort business in Macao SAR, China, and Singapore. The company operates resort properties that combine casino, hotel, entertainment, food and beverage, retail, and convention operations, including Marina Bay Sands in Singapore and Macao properties held through majority ownership of Sands China Ltd.
Recurring news for LVS includes quarterly operating results, property EBITDA measures, share repurchase activity, capital allocation, corporate responsibility reporting, and inclusion in sustainability indices. Company updates also cover Sands China community revitalization, cultural programming, local SME support, and governance changes connected to the board and senior leadership.
Las Vegas Sands announced a $500,000 commitment to the Las Vegas Metropolitan Police Department Foundation to support the construction of the LVMPD Reality Based Training Center. This facility aims to provide advanced training for law enforcement, including de-escalation tactics and crisis response for various scenarios. The first phase includes a 50,000-square-foot building and a climate-controlled indoor tactical training village. With this contribution, the LVMPD Foundation has raised over $28 million towards its $35 million fundraising goal for phase one.
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Sands China has been awarded a new 10-year gaming concession in Macao, announced by the Macao government on November 26, 2022. This provisional concession underscores Sands China's commitment to continuous investment in Macao's economy and community. The company plans to enhance non-gaming tourism and bolster local talent development, with over 90% of management roles held by locals. Leadership expressed gratitude to stakeholders, emphasizing the goal of transforming Macao into a premier international tourism destination.
Las Vegas Sands Corp. (LVS) reported Q3 2022 results showing a net revenue increase to $1.01 billion from $857 million a year prior, with a consolidated adjusted property EBITDA of $191 million. Despite ongoing travel restrictions, Marina Bay Sands in Singapore demonstrated a recovery, generating $343 million in adjusted EBITDA. The company reported a decreased operating loss of $177 million compared to $316 million in Q3 2021. Total debt outstanding reached $15.27 billion, while unrestricted cash balances stood at $5.84 billion.
Las Vegas Sands (NYSE: LVS) will announce its third quarter 2022 financial results on October 19, 2022, after market close. A conference call to discuss the results will begin at approximately 1:30 p.m. Pacific Time. Investors can access the live webcast on the company's website at www.sands.com. As a leading developer and operator of integrated resorts, Sands emphasizes significant contributions to local economies and sustainability initiatives.
Las Vegas Sands (LVS) partners with Nevada Partnership for Homeless Youth (NPHY) to host the sixth annual Southern Nevada Youth Homelessness Summit on November 17. This year's focus is on ending youth homelessness and features sessions on the challenges vulnerable youth face. The summit will launch the Movement Institute, aimed at providing advocacy training to community members. Since 2014, Sands has contributed over $2 million to NPHY, enhancing efforts to support the local homeless youth population amid increasing demand.
Las Vegas Sands Corp. (NYSE: LVS) and Sands China Ltd. submitted a new 10-year gaming concession application in Macao, emphasizing their significant investment in non-gaming tourism and local businesses. Chairman Robert G. Goldstein highlighted their commitment to Macao’s growth as an international tourist destination, driven by extensive community support and infrastructure development. The company aims to enhance local talent development and expand tourism attractions. The application follows their longstanding strategy to bolster Macao’s appeal, underscoring a vision of continued partnership with the local government and communities.
The 2022 Sands Shopping Carnival, organized by Sands China Ltd., opened on September 10 in Macao, coinciding with the Mid-Autumn Festival. The carnival is free to the public, running until September 12, and features over 530 booths across 21,000 square meters, offering about 260,000 products, including special MOP 1 items. The event aims to stimulate local consumption and support the economy by providing a platform for local SMEs. With strict COVID-19 safety measures in place, the carnival expectedly enhances community engagement and economic recovery efforts in Macao.
Las Vegas Sands (NYSE: LVS) has announced a $1 million scholarship program to nurture hospitality talent in Singapore. The initiative aims to assist over 100 students pursuing hospitality-related studies at various Institutes of Higher Learning. Kicking off in 2023, the program seeks to align with Singapore's projected tourism growth. This scholarship is part of Sands' broader community engagement strategy, Sands Cares, which focuses on workforce development in the hospitality sector, indicating a commitment to support Singapore's economic and tourism goals.