Las Vegas Sands Corp has reported a slight 0.8% decline in revenue from its Macau operations in the three months to 31 December 2019, with its three largest properties – The Venetian Macao, Parisian Macao and Sands Cotai Central – all suffering declines.
However, income for the period increased 10.3% to US$513 million, with Adjusted Property EBITDA rising 3.2% to US$811 million.
And there was strong growth in Singapore where Marina Bay Sands saw revenues climb 17.5% to US$853 million and Adjusted Property EBITDA by 26.2% to US$457 million.
The results prompted LVS Chairman and CEO Sheldon Adelson to focus once again on the company’s Asian pursuits in Thursday morning’s results announcement, stating, “We remain enthusiastic about our future growth opportunities in Asia. This year, we will introduce approximately two million square feet of luxurious suite accommodations on the Cotai Strip with the opening of the Grand Suites at Four Seasons Macao and The Londoner Tower Suites. Additional tourism and entertainment amenities of The Londoner Macao will debut throughout 2020 and 2021.
“Looking further ahead, the expansion of Marina Bay Sands in Singapore will meaningfully increase our suite capacity and introduce a state-of-the-art entertainment arena, both of which should contribute to future growth.”
By property, The Venetian Macao held relatively stable in 4Q19, with casino revenue of US$748 million aided by better luck in VIP and strong growth in slots. LVS reported a 37.4% fall in rolling chip volume to US$5.88 billion but saw win percentage increase from 3.2% to 4.14% for win of around US$243 million.
Mass drop fell 3.3% to US$2.32 billion with win of US$597 million while slot handle grew 24.1% to US$1.04 billion.
Sands Cotai Central, currently undergoing its conversion to The Londoner Macao, saw a 9.3% fall in casino revenues to US$379 million – primarily via a 63.8% decline in rolling chip volume to US$1.04 billion. Mass table drop was very slightly down at US$1.65 billion with win of US$379 million, while slot handle declined 12.8% to US$1.02 billion.
At The Parisian Macao, casino revenues slipped 3.2% to US$334 million with rolling chip volume declining 13.2% to US$4.18 billion and win of around US$130 million. Mass table drop fell 1.0% to US$1.12 billion while slot handle was down 13.6% to US$1.07 billion.
The Plaza Macao and Four Seasons was the one property to show strong growth, with casino revenue up 56.5% to US$169 million thanks to good luck in the VIP segment and a 25.5% increase in mass table drop to US$433 million. Rolling chip volume fell 10.0% to US$3.03 billion but a win rate of 4.02% pushed win to US$122 million.
Sands Macao suffered a 35.8% fall in casino revenues to US$137 million on the back of a 35.8% decline in rolling chip volume to US$1.05 billion. Mass drop was down 2.9% to US$612 million and slot handle down 1.7% to US$632 million.
At Marina Bay Sands in Singapore, casino revenues grew 20.4% to US$602 million as VIP enjoyed an impressive resurgence. Rolling chip volume grew 16.0% to US$7.92 billion, with an improved win rate pushing win to around US$311 million.
Mass table drop fell 2.2% to US$1.23 billion while slot handle held steady at US$3.46 billion.
Parent company Las Vegas Sands reported a very slight 1.0% increases in net revenue in 4Q19 across all regions to US$3.51 billion, with operating income up 6.9% to $934 million and net income of US$783 million compared to a net loss of US$40 million just 12 months ago.
