Sands China posted a record performance in the first half, as increases in mass-market play across all segments pushed revenue up 24.7% to US$5.08 billion.
The majority-owned Hong Kong-listed subsidiary (1928.HK) of Las Vegas Sands (NYSE: LVS) said net profit was up 45.7% year on year over the six months ended 30th June to $1.37 billion on a 35.7% increase in EBITDA to $1.74 billion.
Most of the increases were generated by flagship Venetian Macao, where pre-tax earnings were up 23% year on year to $872.9 million, while Sands Cotai Central made a strong No. 2 showing at $513 million, an increase of 85.2%.
The Macau market leader in hotel rooms and gaming positions is waiting for government clearance to restart construction on its $2.7 billion Parisian Macao on the Cotai Strip, which will add an estimated 20-30% to total corporate capacity. Building was halted two months ago following an accident at the site, but Sands said it expects construction will resume in October, “pending receipt of certain government approvals,” the company said.
Sands also said it is considering a phased opening of the resort, which will sport a half-scale replica of the Eiffel Tower and contain more than 3,000 rooms at full build-out.
