Sands China Ltd saw its net revenue grow 13.0% to US$2.15 billion and its net income by an identical 13.0% to US$454 million in the three months to 30 September 2018, boosted by strong increases at the Venetian Macao and Sands Cotai Central.
In total, four of Sands China’s five Macau integrated resorts enjoyed year-on-year revenue growth, although the Parisian Macao saw a 5.4% decline in net revenue to US$389 million, down from US$411 million in 3Q17, due primarily to a 25.8% decline in rolling chip volume to US$5.2 billion. As a result, casino revenue at the Parisian fell 5.9% to US$321 million with Adjusted Property EBITDA down 10.3% to US$122 million.
Nevertheless, flagship property the Venetian led the way for Sands China with net revenue up 22.1% to US$857 million and Adjusted Property EBITDA growing 30.3% to US$344 million.
Both rolling chip volume, up 7.6% to US$7.4 billion, and non-rolling chip drop, up 15.0% to US$2.2 billion, enjoyed increases while the property also played lucky in both segments. Slot handle grew 12.4% to US$807 million.
Sands Cotai Central enjoyed a 15.0% increase in net revenue to US$537 million with Adjusted Property EBITDA growing 22.1% to US$188 million. Despite rolling chip volume declining 9.9% to US$2.6 billion, SCC played lucky at 3.95% while also seeing 14.4% growth in non-rolling chip drop.
Sands Macao saw net revenue for 3Q18 grow 12.7% year-on-year to US$160 million with The Plaza Macao and Four Seasons up 19.3% to US$167 million.
In Singapore, Marina Bay Sands booked a 2.9% decrease in net revenue for its parent company Las Vegas Sands to US$766 million.
Rolling chip volume was down significantly to US$7.1 billion and non-rolling chip drop down 1.2% to US$1.4 billion, with Adjusted Property EBITDA subsequently falling 5.2% to US$419 million.
However, the decline didn’t dampen Las Vegas Sands’ strong combined third quarter performance on the back of the performance of Sands China.
“We are pleased to have delivered strong financial results in the quarter, led by continued growth in every market segment in Macau,” said LVS Chairman and CEO Sheldon Adelson.
“Our Integrated Resort property portfolio in Macau delivered Adjusted Property EBITDA of US$754 million, an increase of 15.8% compared to the third quarter of 2017. At Marina Bay Sands in Singapore, our hotel, retail, convention and mass gaming segments all exhibited strength, contributing to US$419 million of adjusted property EBITDA for the quarter.
“We also continued to invest in growth initiatives in each of our markets. We remain supremely confident in the future opportunity in Macau and have therefore elected to meaningfully increase the scale of our investments in the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The Londoner Macao, which will now total US$2.2 billion in investment through 2021.
“We believe our market-leading interconnected Integrated Resort portfolio in Macau, including the additional destination retail, luxurious hotel suite offerings and world class entertainment attractions of the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The Londoner Macao, will provide an ideal platform for growth in Macau in the years ahead.”
Company-wide net revenue for Las Vegas Sands in the third quarter of 2018 increased 6.7% to US$3.4 billion, compared to US$3.2 billion in 3Q17. Revenue at the company’s Las Vegas properties declined slightly from US$387 million 12 months ago to US$379 million.
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