Sands China Ltd reported net revenues of US$1.76 billion for the three months to 31 December 2024, down 5.0% year-on-year due to ongoing upgrade works throughout the quarter at The Londoner Macao and Venetian Arena. Net revenues were also very slightly down compared with the September 2024 quarter.
According to information released early Thursday morning (Asia time) by parent firm Las Vegas Sands (LVS), the Q4 result included a 17.7% year-on-year decline in net income to US$237 million, while Adjusted EBITDA on Macau operations fell by 12.7% to US$571 million – impacted by low hold on rolling play.
Notably, The Londoner Macao and The Venetian Macao were the two properties to suffer declines, with The Londoner seeing 4Q24 net revenues fall by 12.1% to US$518 million and The Venetian by 8.8% to US$682 million. By contrast, The Parisian Macao grew by 2.7% to US$228 million, The Plaza Macao and Four Seasons by 16.1% to US$223 million and Sands Macao by 6.2% to US$86 million.
For FY24, Sands China’s net revenues increased by 8.4% compared with 2023 to US$7.08 billion, with net income of US$1.05 billion and Adjusted EBITDA of US$2.33 billion.
It was a steadier quarter for LVS in Singapore, where Marina Bay Sands reported net revenues of US$1.14 billion – up 7.2% year-on-year and 23.7% quarter-on-quarter. Adjusted EBITDA of US$537 million was down 1.3% year-on-year but up 32.3% compared with 3Q24.
“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 Macau and Singapore in the years ahead as we execute our capital investment programs in both markets.
“In Macau, the ongoing recovery continued during the quarter, although spend per visitor in 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, Marina Bay Sands continued to deliver outstanding financial and operating performance. Our new suite product and elevated service offerings position us for additional 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.”
RelatedPosts
