Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 65

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 65
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 for the years ended December 31, 2024 and 2023:

Year Ended December 3120242023(In millions)Net income attributable to Loews Corporation$413 $283 Interest, net152 144 Income tax expense92 90 Depreciation and amortization429 412 EBITDA$1,086 $929 

Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the years ended December 31, 2024 and 2023 as presented in Note 20 of the Notes to Consolidated Financial Statements included under Item 8:

Year Ended December 3120242023(In millions)     Revenues:  Operating revenue$806 $678 Gain on acquisition of a joint venture 46 Revenues related to reimbursable expenses127 128 Total933 852 Expenses:Operating and other653 558 Asset impairments12 Reimbursable expenses127 128 Depreciation and amortization expense93 69 Equity income from joint ventures(86)(129)Interest51 14 Total838 652 Income before income tax95 200 Income tax expense(25)(53)Net income attributable to Loews Corporation$70 $147 

58

2024 Compared with 2023

Net income attributable to Loews Corporation decreased by $77 million in 2024 as compared with 2023. Results for 2023 include a gain of $46 million ($36 million after tax) related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property. 

Operating revenues improved by $128 million and operating expenses increased by $95 million in 2024 as compared with 2023. The increase in operating revenues and operating expenses was primarily driven by the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024. Operating revenues also improved due to higher occupancy levels at many city center hotels as a result of the continued recovery in group travel in 2024 as compared to 2023 and an increase in food and beverage revenues. Operating expenses also increased due to increased staffing costs as well as higher insurance expenses and property taxes.

Equity income from joint ventures decreased $43 million in 2024 as compared to 2023. The decrease was driven by a reduction in overall occupancy levels at many joint venture hotels, particularly at the Universal Orlando