- Sands China net revenue up 18% to US$2.11 billion
- Venetian Macao leads the way with casino revenue up 25.8%
- All Macao properties book 2Q18 increases
- Las Vegas Sands books 6.2% group-wide revenue growth
- Singapore’s Marina Bay Sands falls 15.5% on slower VIP
Sands China saw its net revenue soar 18% to US$2.11 billion in the three months to 30 June 2018, bolstered by a strong performance at the Venetian Macao and growth across all Macau properties.
The impressive quarter included a 30% increase in net income to US$427 million and 25% growth in Adjusted EBITDA to US$750 million.
For the second quarter in a row, the Venetian Macao led the way for Sands China with net revenue up 23.1% year-on-year to US$830 million including a 25.8% increase in casino revenue to US$677 million.
The Venetian’s results could have been even better but for reduced luck when compared to 2Q17, with rolling chip volume jumping 44.3% and mass table drop 32.4% to US$7.46 billion and US$2.25 billion respectively. Slot handle grew 20.3% to US$819 million with hotel occupancy sitting at a healthy 95.6%.
Sands Cotai Central (SCC) also enjoyed a strong quarter ahead of its transformation to The Londoner Macao, with net revenue up 15.9% to US$509 million and Adjusted Property EBITDA up 31.3% to US$176 million.
Mass market led the way for SCC with table drop increasing 19.6% year-on-year to US$1.64 billion compare to a slight 2.8% boost to VIP roll at US$2.59 billion. Slot handled increased 8.5% to US$1.24 billion.
Net revenue at The Parisian increased 5.1% on the back of an 8.1% increase in casino revenue. Rolling chip increased 19.1% to US$4.48 billion while mass market grew 8.6% to US$1.06 billion and slot handle 25.5% to US$1.17 billion. All segments played unlucky compared to the same period in 2017.
The Plaza Macao also climbed 37.8% to US$186 million in net revenue as VIP win rate jumped from 1.97% in 2Q17 to 3.75% in the past quarter, while Sands Macao also increased 15.4% to US$180 million.
Rolling chip volume at Sands Macao enjoyed a 41.9% increase, bolstered by a very healthy 4.48% win rate, while mass table drop grew 5.3% to US$659 million and slot handle 4.4% to US$641 million.
Group-wide revenue for Sands China’s parent company, Las Vegas Sands, increased 6.2% to US$3.3 billion with net income climbing 5.8% to US$676 million.
The performance of LVS’ Macau properties made amends for a disappointing quarter at Marina Bay Sands in Singapore, where net revenue fell 15.5% to US$705 million and Adjusted Property EBITDA declined 25.2% to US$368 million due to a fall in VIP.
Rolling chip volume sunk 32.6% to US$5.87 billion, with win rate also dropping back into the expected win range after playing lucky this time last year.
Mass market revenue salvaged the period for MBS with occupancy climbing to 96.9% and room revenue up 16.3% to US$93 million as all non-gaming segments enjoyed climbs. Likewise, mass table drop grew 5.5% to US$1.34 billion and slot handle 6.3% to US$3.62 billion.
“We are pleased to have delivered strong financial results in the quarter, led by robust growth in Macau where every property in our portfolio delivered growth and adjusted property EBITDA reached US$750 million, an increase of 25% compared to the second quarter of 2017,” said Chairman and CEO Sheldon Adelson.
“While lower rolling chip volume and win percentage compared to the year ago quarter impacted our results at Marina Bay Sands in Singapore, the power of our unique convention-based integrated resort business model remains evident in our financial performance, with Singapore delivering US$368 million of Adjusted Property EBITDA and Las Vegas performing well despite lower than expected hold on table games play.”
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