BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Las Vegas Sands Reports Substantial Growth in Q1 2024 Financial Results
The company posted net revenues of $2.96 billion for the quarter, a substantial increase from $2.12 billion in the same period last year. This growth was driven by strong performance in both Macao and Singapore. Operating income for the quarter rose impressively to $717 million, up from $378 million in the prior year. Net income saw a significant jump to $583 million, compared to $145 million in the first quarter of 2023.
Adjusted Property EBITDA
The consolidated adjusted property EBITDA reached $1.21 billion, marking an increase from $792 million in the previous year. Notably, the Macao operations generated an adjusted property EBITDA of $610 million, despite a $31 million negative impact due to low hold on rolling play. Conversely, Marina Bay Sands in Singapore achieved an adjusted property EBITDA of $597 million, benefitting from a $77 million positive impact due to high hold on rolling play.
Strategic Developments and Market Performance
Macao Market Recovery
Macao continues its recovery trajectory, with Las Vegas Sands capitalizing on its longstanding investments in the region. These investments enhance Macao's appeal as a global center for business and leisure tourism, positioning the company to benefit from the recovery in travel and tourism spending.
Record Performance in Singapore
Marina Bay Sands delivered record financial and operational results, driven by new suite products and enhanced service offerings. These improvements position the resort to capture growth as regional travel and tourism spending increases.
Shareholder Returns
Dividends and Share Repurchases
Reflecting its financial strength and commitment to returning capital to shareholders, Las Vegas Sands repurchased approximately $450 million of its common stock during the quarter. The company also paid a quarterly dividend of $0.20 per share and announced the same dividend to be paid in the following quarter.
Financial Strategy and Outlook
Capital Expenditure and Investment
The company continues to invest in high-quality capital projects, which are expected to drive future growth. Capital expenditures for the quarter totaled $196 million, allocated across developments in Marina Bay Sands, Macao, and other corporate activities.
Debt and Liquidity
Las Vegas Sands maintains a strong balance sheet with unrestricted cash balances of $4.96 billion and access to $4.43 billion in revolving credit facilities. Total debt stood at $13.94 billion, excluding finance leases and financed purchases.
Forward-Looking Statements
The company remains optimistic about the future, citing extensive capital investment programs in Macao and Singapore and potential expansions into new markets. These investments, coupled with the company’s operational strategies, are expected to sustain its industry-leading growth trajectory.
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