Sands China Ltd returned to profit for the first time in three-and-a-half years in 2Q23, with the company reporting net income of US$187 million – reversing a US$422 million loss a year earlier and a US$10 million loss in the March 2023 quarter.
According to information published by parent company Las Vegas Sands (LVS) early Thursday morning (Asia time), total net revenues in Q2 at Sands China’s Macau properties climbed to US$1.62 billion, up from US$368 million in 2Q22 and US$1.27 billion in 1Q23, with Adjusted EBITDA from Macau operations reaching US$541 million versus US$398 million in Q1 and an EBITDA loss of US$110 million a year earlier.
By property, The Venetian Macao saw net revenues more than quadruple year-on-year to US$653 million, The Londoner Macao generated US$402 million and The Parisian US$239 million versus US$42 million in 2Q22. The Plaza Macao also saw strong growth, with net revenues of US$223 million, while Sands Macao generated US$84 million.
“We were pleased to see the robust recovery in travel and tourism spending underway in both Macao and Singapore progress during the quarter,” said Chairman and CEO Rob Goldstein.
“We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout the remainder of 2023 and in the years ahead.
“In Macau, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments progress during the quarter. We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macau’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macau.
“Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds.”
In Singapore, Marina Bay Sands – operated directly by LVS – saw Adjusted EBITDA climb higher again to US$432 million compared with US$319 million in 2Q22 and US$394 million in 1Q23. Net revenues at MBS were 36.2% higher year-on-year at US$925 million.
“Marina Bay Sands again delivered outstanding levels of performance in all segments, with mass gaming revenue reaching another record result,” Goldstein said. “We remain energized by the opportunity to introduce our new suite product and elevated service offerings to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.”
Group-wide, LVS reported net revenue of US$2.54 billion, up from US$1.05 billion a year earlier, with net income of US$368 million reversing a loss of US$414 million in 2Q22. Adjusted EBITDA grew from US$209 million a year earlier to US$973 million.
With both of its markets now rolling again, Las Vegas Sands has announced the resumption of its program to return capital to stockholders, declaring a quarterly dividend of US$0.20 per common share to be paid on 16 August 2023.
RelatedPosts
