Marina Bay Sands Gets $750m Revamp As LVS Launches Stock Repurchase Program
Summary:
- Las Vegas Sands Corp is launching a US$2 billion stock repurchase program.
- Sands Corp will also spend $750 million on Marina Bay Sands Singapore.
- The C is part of the second phase of the ongoing room renovation of Marina Bay Sands.
Las Vegas Sands Corp (LVS), the parent company of Marina Bay Sands in Singapore, disclosed on October 20, 2023, at the time of publishing its third-quarter revenue report, that it will spend US$750 million in revamping Tower 3 of Marina Bay Sands, a project that the operator expects to complete in 2025.
The firm also said that the renovation of approximately 550 rooms in Tower 3 is part of phase two of its ongoing room renovation project of Marine Bay Sands, which includes renovation of the VIP arrival areas, the lobby, and the SkyPark Observation Deck.
Speaking at an earnings conference call on October 18, 2023, LVS Chair Robert Goldstein says that it is the best money the operator can spend to make Marine Bay Sands stronger and successful and deliver enormous dividends.
Phase one of the project includes work on Tower 1 and Tower 2, involving approximately 1,300 renovated rooms and 390 suits. It will also enhance the Paiza Sky Club, premium food, beverage, and retail offerings, and the gaming space.
LVS reveals in its latest presentation material that it has introduced approximately 1,200 renovated rooms, including 300 new suites by September 30, 2023. The operator expects to complete the rest of the renovation work on Tower 1 and Tower 2 within the fourth quarter of 2023.
LVS To Launch $2 Billion Stock Repurchase Program
LVS announced the launch of a stock repurchase program worth US$2 billion, running until Nov 3, 2025, on October 25, 2025, while releasing its third-quarter results.
LVS President Patrick Dumont said in a conference call later that day that the company prefers stock repurchases over dividends as a way to return value to its shareholders.
The actual number of shares it will repurchase and the timing depends on factors like investment opportunities, market conditions, and the firm’s financial position.
In July 2023, the company announced it would continue its quarterly dividend program, which pays US$0.20 per share. LVS paid the first dividend on August 16 and will pay the next on November 15.
David WalkerAuthor
David is our resident 'down under' contributor, letting us know what is going on in the southern hemisphere, he is also keen blackjack player
