Sands China reported net revenues of US$1.77 billion in the three months to 30 September 2024, down 1% on the same period in 2023 but slightly above the US$1.75 billion it generated in the June quarter. Net income of US$268 million was up 16% year-on-year and 9% quarter-on-quarter.
According to information from parent company Las Vegas Sands, Adjusted EBITDA of US$585 million was also higher than the US$561 million in 2Q24, despite a US$2 million negative impact due to low hold in rolling play. EBITDA was, however, considerably lower than the US$631 million reported a year earlier.
Casino revenues were down year-on-year at The Venetian Macao, The Londoner Macao and Sands Macao, but up slightly at The Parisian Macao and by some 69% to US$182 million at The Plaza and Four Seasons.
In Singapore, Marina Bay Sands was hit hard by low rolling hold, with Adjusted Property of US$406 million down 17% year-on-year and 21% quarter-on-quarter. The company explained that it was negatively impacted to the tune of US$78 million by the low hold.
Net revenues at MBS of US$919 million was down from US$1.02 billion in both 3Q23 and 2Q24, including a 14% decline in casino revenues to US$600 million.
“Although our reported financial results for the quarter reflected lower than expected hold in Singapore and the impact of disruption from our ongoing development work at The Londoner in Macau, we continued to execute our strategic objectives during the quarter,” said LVS Chairman and CEO Robert Goldstein.
“We remain enthusiastic about our opportunities to deliver industry-leading growth in both markets in the years ahead as we execute our capital investment programs in both Macau and Singapore.
“In Macau, the ongoing recovery continued during the quarter, although visitation to the market remains below the levels reached prior to the pandemic. 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 well as the recovery in travel and tourism spending progresses.
“In Singapore, although Marina Bay Sands was negatively impacted by low hold this quarter, the property continued to deliver outstanding financial and operating performance. Our new suite product and elevated service offerings position us for growth as travel and tourism spending in Asia expands.
“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macau and Singapore, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”
Group-wide, LVS reported total net revenues of US$2.68 billion, down from US$2.80 billion a year earlier, with net income of US$353 million down from US$449 million.
Consolidated Adjusted Property EBITDA was US$991 million compared to US$1.12 billion in the prior year quarter, the company said.
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