Las Vegas Sands Q3 2023 Results, Nearly Back to Pre-Pandemic Levels

October 20, 2023

Las Vegas Sands, the U.S-based global casino operator, has reported strong financial figures in Q3 2023. But the company has not recovered as quickly from the COVID-19 pandemic as many U.S. operators have.

That’s because it sold its Nevada casinos venues in Las Vegas in 2020, and currently only runs casinos in Asian markets, such as Marina Bay Sands (pictured). Those countries took longer to ease pandemic restrictions than the U.S. did.

Nevertheless, Las Vegas Sands is finally rebounding. For the third quarter of this year, the operator pulled in $1.12 billion in adjusted property earnings and $2.8 billion in revenue. That’s nearing pre-pandemic levels, with adjusted earnings only off by 6% from the same period in 2019.

Revenues are also up significantly on the $2.54 billion the company posted in Q3 2023.

The company announced earnings of 55 cents per share on that revenue figure, with earnings in line with expectations and revenue slightly topping estimates.

“We were pleased to see the recovery in travel and tourism spending in both Macao and Singapore progress during the quarter.  We remain deeply enthusiastic about our opportunities for growth in both markets in the years ahead,” said Sands chairman and CEO Robert G. Goldstein, in a press release.

Singapore and Macao Rebound

In Singapore, the Marina Bay Sands is posting numbers that have surpassed pre-pandemic levels in gaming, retail shopping, and other spending, even though visitation is still lower.

Profit margins at the architecturally impressive casino resort have reached more than 48%. Sands has also invested in improving the luxury suites at the hotel, as well as airlift helicopter services for high-end guests arriving from China.

“In Singapore, Marina Bay Sands again delivered outstanding levels of financial and operating performance. Our new suite product and elevated service offerings position us to deliver future growth as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues,” Goldstein said.

In Macau, where visitation is still off about 15% from pre-pandemic levels, Sands reported that its occupancy in the third quarter was 96% higher than before Covid lockdowns, and customers are spending more per person.

Across the Macau market, mass gaming revenue reached 92% of 2019 third-quarter levels, or $5.1 billion. Las Vegas Sands CEO Rob Goldstein predicted that the destination could hit $40 billion annually in the near term.

As cash flow increases, Las Vegas Sands is laying out new priorities for capital expenditures. It will continue its remodel of Marina Bay Sands, resulting in nearly four times the number of suites, which command greater prices. In Macau, the second phase of construction begins on British-themed casino The Londoner Macau, the newest offering in the portfolio.

Shares and Future Plans

Las Vegas Sands also announced a $2 billion share repurchase plan through 2025. Patrick Dumont, Las Vegas Sands president, indicated that the company has shifted how it wants to return capital to shareholders, relying more on buybacks than on the dividends embraced by his late father-in-law, Sheldon Adelson.

Goldstein says that the shares are trading behind recent updates, providing buying opportunities, especially when Sands is sitting on $5.6 billion in cash.

In terms of future plans, Las Vegas Sands has proposed a return to the U.S. casinos market with a planned $5 billion casino resort in Nassau County on Long Island, New York.

The company’s competitors in the race for three licenses to open new downstate New York casino venues include Caesars and Jay-Z, local real-estate tycoon Larry Silverstein, Bally’s golf course venue in the Bronx and Wynn Resorts at Hudson Yards.

New York gambling regulators recently answered two batches of questions from interested operators regarding the licensing application process, although there’s no firm date on when that will begin as of yet.

In the meantime, Las Vegas Sands’ owner Miriam Adelson, widow of the late Sheldon Adelson, remains the richest casino owner in the world, with some $35 billion in personal fortune.

Water Activities Near Las Vegas to Make a Splash

Summers in Las Vegas are notoriously hot. One of the best ways to cool off? Getting in the water! Pools, kayaks, lakes, and more have all become popular activities on the hottest days in Las Vegas. Whether you want to stay in the city at Las Vegas pools or are looking to take a road trip to some lakes and waterfalls, read on for your guide to making a splash in Las Vegas so you can cool down on your summer vacation to the city.


Circa Stadium Swim®


If you’re staying in the city, Stadium Swim is the spot for a stylish summer cool down. This rooftop poolscape is a stunner, boasting six pools on three different levels, all sitting in front of a massive 40-foot-tall LED screen playing the sporting events of the day. You can chill in one of the 370 chairs lined up around the pools, but for those who want to party in style with some space, there are options like lily pads, daybeds, and cabanas for reservation.

What makes this pool stand out is its unique concept, unlike anything else you’ll find in Las Vegas. It’s like a sportsbook, complete with stadium-style seating, but with the bonus of swimming pools to jump into when the heat or the game gets too intense. Stadium Swim is open every day, all year round. Even better, guests at Golden Gate Las Vegas get free access to Stadium Swim to make your summer even cooler.

In a nutshell, this spot is perfect for sports fans who want to soak in some poolside action and have a blast. It’s a lively party scene, so don’t expect to be too focused on the game all the time – just enjoy the fun vibes, great company, and stunning views of the Fremont Street Experience!


Lake Las Vegas for Las Vegas Water Activities


Lake Las Vegas


Located in Henderson, just 15 miles from the Las Vegas Strip, Lake Las Vegas is a hot destination for Las Vegas water sports! Embark on an elegant cruise aboard your very own private yacht, complete with a crew and two fully-stocked bars for your enjoyment. Guests also have the option to rent paddle boards or kayaks on an hourly basis. For those looking to stay dry, a selection of electric boats is available for leisurely cruises on the sparkling water.

Thrill-seekers will love the on-lake Aqua Park and pulse-pounding water jetpack experiences, a surefire way for an invigorating adventure. For those seeking a comprehensive day of entertainment, Lake Las Vegas offers various adventure packages that feature yacht cruises, delectable dining, an exhilarating helicopter tour of the Hoover Dam, and more.


Lake Mead


For an escape packed with natural beauty, head to Lake Mead, where the views are expansive and the waters are refreshing. When it comes to lakes near Las Vegas, Lake Mead is the local favorite. It’s perfect for those who like to participate in watersports like boating, water skiing, and tubing. There are tons of options for scenic hikes and nature walks around Lake Mead that will help you break up the water fun and see the beautiful landscape from a different perspective.

If you want something a little more relaxed, a cruise might be the perfect way for you to enjoy the area. You won’t be getting in the water, but you’ll still be able to enjoy being on the lake. The Lake Mead cruise is a Mississippi-style paddlewheeler that offers a climate-controlled environment, and even offers fun champagne brunch and sunset dinner cruises to make for a truly unique way to see the lake.


Friends Kayaking the Black Canyon Water Trail Near Vegas


Black Canyon Water Trail


If you like adventure, look no further than the Black Canyon Water Trail! Located about 45-minutes outside of Las Vegas, this route flows along the Lower Colorado River through Lake Mead National Recreation Area between Hoover Dam and Eldorado Canyon. As you float along, keep your eyes peeled to spot tons of wildlife. You might even see bald eagles, coyotes, and bighorn sheep along the rocky walls and canyons. It’s a real wild wonderland!

Picture this: you’re on a kayak or canoe, floating along the Colorado River, with massive cliffs shooting up on both sides. The water is green and refreshing, and the skies are an endless blue. Can you believe this cool retreat is just a hop away from the glitzy Las Vegas Strip? You can paddle up to 30 miles of pure wilderness and solitude, with sandy beaches, cool caves in vibrant colors, and plenty of hidden coves and secret hot springs to explore. Plus, there are some excellent hiking trails like Gold Strike Canyon and Boy Scout Canyon if you’re up for some extra adventure.


Mount Charleston & Mary Jane Falls 


Looking to escape that scorching heat? Try Mount Charleston, a laid-back community just a 45 minute drive from Las Vegas. It’s like a breath of fresh air up there, literally! You’ll feel the temperature drop around 20 degrees, making it the perfect getaway from the skyrocketing temperatures on the strip. Hike your way up to some stunning scenic overlooks, ancient pine trees, and the famous Mary Jane Falls. It might not be the biggest waterfall in the summer, but you can still enjoy the peaceful babbling brook during the low season. 


From Las Vegas lakes to Las Vegas pools, there are tons of ways to stay cool in the desert heat. Whether you’re a sports fan looking for a party atmosphere, an adventurer seeking nature’s best, or simply someone wanting to beat the heat, the Las Vegas area offers a range of incredible experiences for every taste. Don’t let the heat stop you, get out there and make the most of your Las Vegas getaway! Book your room at Golden Gate Las Vegas to enjoy your summer vacation to the fullest.