Sands China, the Asian-based subsidiary of US casino giant Las Vegas Sands (LVS), saw its net revenue rise 9% year-on-year to US$2.25 billion in the three months to 31 December 2018, up from US$2.06 billion in 4Q17 on the back of strong growth at flagship Macau properties the Venetian and Parisian.
The company also reported a 14% revenue increase for full year 2018 to US$8.67 billion with net income up 19% to US$1.90 billion.
Issuing its quarterly results announcement early Thursday morning local time, LVS revealed a slight 2.5% increase in company-wide revenue to US$3.48 billion in 4Q18 – propelled once again by its performance in Macau.
The Parisian Macao booked the biggest revenue increase of the quarter, with casino revenue rising 37.5% to US$345 million led by 25.3% growth in rolling chip volume to US$4.82 billion and better win of 3.16%. Mass table drop grew 11.7% to US$1.14 billion.
Adjusted Property EBITDA was up 48.3% to US$132 million, with property wide net revenue growing 29.0% to US$414 million.
The Venetian Macao booked an 11.8% increase in net revenue to US$919 million and 12.5% in casino revenue to US$747 million, pushing Adjusted Property EBITDA up 9.6% to US$355 million.
Both rolling chip volume and mass table drop enjoyed strong growth, with the VIP segment up 17.1% to US$9.39 billion and luck also improving to 3.20%. Mass drop rose 15.4% to US$2.40 billion.
Sands Cotai Central, which is soon to undergo a major renovation that will see it transformed into Londoner Macao, held steady for the quarter with net revenue of US$558 million and casino revenue of US$418 million. Rolling chip volume increased 22.1% to US$2.88 billion, again buoyed by good luck, however both mass table drop at US$1.68 billion and slot handle at US$1.16 billion saw slight declines.
Sands Macao enjoyed a slight 5.9% increase in casino revenue to US$144 million, offset by an 8.5% decline at The Plaza Macao and Four Seasons to US$108 million.
While the VIP segment produced strong results in Macau, it was a different story in Singapore where Marina Bay Sands saw rolling chip volume fall 13.9% to US$6.83 billion and luck tumble from 3.95% win in 4Q17 to 2.79% this time around.
Mass table drop and slot handle also fell to US$1.26 billion and US$3.45 billion respectively, contributing to a 17.6% decline in casino revenue to US$500 million.
Net revenue at Marina Bay Sands was US$726 million, down 11.6%, while Adjusted Property EBITDA fell 20.8% to US$362 million.
LVS Chairman and CEO Sheldon Adelson said the company remained “confident in the future opportunity in Macau and are progressing with our investments in the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The Londoner Macao.
“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 created by these investments, will provide an ideal platform for growth in Macau in the years ahead.”
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