Sands China Ltd lost ground in VIP but a solid performance in mass was enough to see total net revenues increase 1.4% to US$2.14 billion and Adjusted Property EBITDA by 2.0% to US$765 million in 2Q19.
The Parisian Macao led the way for Sands, with casino revenues rising 11.4% year-on-year to US$343 million and Adjusted Property EBITDA by 21.9% to US$139 million. While rolling chip volume declined 7.4% to US$4.15 billion, mass table drop recorded a 7.5% increase to US$1.14 billion with mass win rate also up from 19.6% to 22.9%. Slot handle fell 13.4% to US$1.02 billion.
The Venetian Macao also enjoyed a solid performance, with casino revenues growing 3.1% to US$698 million and Adjusted Property EBITDA up 1.5% to US$336 million. The Venetian suffered a significant decline in rolling chip volume, down 13.7% to US$6.44 billion, although win rate increased above the expected range to 3.53%. Mass table drop again made amends, up 4.5% to US$2.35 billion, with EGM handle up 24.7% to US$1.02 billion.
Sands Cotai Central, which is about to undergo a major transformation into The Londoner Macao, saw casino revenues fall 7.3% to US$358 million and Adjusted Property EBITDA by 6.3% to US$165 million. VIP rolling chip was the culprit as volume fell 50.9% to US$1.27 billion, while mass table drop fell slightly to US$1.63 billion and slot handle by 18% to US$1.01 billion.
Casino revenues at The Plaza grew 19.1% to US$162 million while Sands Macao declined 15.1% to US$141 million.
In Singapore, casino revenues at Marina Bay Sands – run under parent company Las Vegas Sands – declined 5.3% to US$468 million and Adjusted Property EBITDA by 6% to US$346 million although there were better signs in VIP where rolling chip volume grew 22.6% to US$7.20 billion – impacted by a lower win rate year-on-year. Mass table drop fell 10.2% to US$1.20 billion while slot machine handle rose 1.5% to US$3.68 billion.
Chairman and CEO Sheldon Adelson said Sands China remains “enthusiastic about our future growth opportunities in Asia, which will be enhanced through the introduction of our Four Seasons Tower Suites Macao later this year, the Londoner Macao throughout 2020 and 2021 and the expansion of Marina Bay Sands in Singapore thereafter.
“We are also aggressively pursuing additional development opportunities in new markets, including in Osaka, Japan.”
Sands China’s net income for the quarter increased 19.7% year-on-year to US$511 million.
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