Las Vegas Sands Corp. shares jumped after the company authorized its first share buyback program since 2020, signaling management’s confidence in the business after years of pandemic-related hardship.
After reinstating the dividend last quarter, the board of directors allocated $2 billion to fund share repurchases through 2025, the company said in a statement Wednesday.
The casino and hotel operator halted its buybacks and dividends in 2020 when pandemic-related travel restrictions caused it to cease most casino and hotel operations in Macau and Singapore.
Sales overall more than doubled to $2.8 billion in the third quarter, beating analysts expectations for $2.7 billion. Revenue from its Macau properties climbed nearly sevenfold, as guests returned to the region after pandemic-related restrictions eased. Sales at its Marina Bay Sands casino in Singapore climbed 34%.
Sands shares rose 4.6% in post-market trading at 4:54 p.m. in New York. MGM Resorts International, Wynn Resorts Ltd. and Caesars Entertainment Inc. also rose.
