Las Vegas Sands reported financial results for the quarter ended September 30, 2023.
"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 Robert G. Goldstein, chairman and chief executive officer.
"In Macao, we were pleased to see the recovery in both gaming and non-gaming segments progress during the quarter. We remain enthusiastic about the opportunity to continue our investments to enhance Macao's tourism appeal to travelers from throughout the region, including to foreign visitors to Macao. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth as the recovery in travel and tourism spending proceeds.
"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.
"Our commitment to making industry-leading investments in our team members, our communities and our Integrated Resort property portfolio positions us exceptionally well to deliver strong growth in the years ahead. Our financial strength supports our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets, and the return of capital to stockholders.
"After reinstating our dividend last quarter, I am pleased to announce that our board of directors has authorized $2.0 billion of share repurchases under our stock repurchase program through 2025. We look forward to utilizing our share repurchase program to return excess capital to stockholders."
Net revenue was $2.80 billion, compared to $1.01 billion in the prior year quarter. Operating income was $688 million, compared to an operating loss of $177 million in the prior year quarter. Net income from continuing operations in the third quarter of 2023 was $449 million, compared to a net loss from continuing operations of $380 million in the third quarter of 2022.
Consolidated adjusted property EBITDA was $1.12 billion, compared to $191 million in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased to $1.78 billion, compared to $251 million in the third quarter of 2022. Net income for SCL was $231 million, compared to a net loss of $472 million in the third quarter of 2022.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $200 million for the third quarter of 2023, compared to $183 million in the prior year quarter. Our weighted average borrowing cost in the third quarter of 2023 was 5.4% compared to 4.8% during the third quarter of 2022. This increase in expense was offset by an increase in interest income of $41 million to $79 million for the third quarter of 2023.
Our effective income tax rate for the third quarter of 2023 was 21.4%, compared to 18.8% in the prior year quarter. The income tax rate for the third quarter of 2023 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns
The company paid a quarterly dividend of $0.20 per common share during the quarter. The company announced its next quarterly dividend of $0.20 per common share will be paid on November 15, 2023, to Las Vegas Sands stockholders of record on November 7, 2023. Additionally, on October 16, 2023, the company's Board of Directors authorized increasing the amount of its outstanding common stock authorized to be repurchased from $916 million to $2.0 billion and extending the expiration date of this authorization to November 3, 2025.
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