Sands China saw its total net revenues decline by 5.7% year-on-year to US$1.70 billion, and net income by 32.0% to US$202 million, in the three months to 31 March 2025 as ongoing renovation works at its former Sheraton Grand Hotel and general softness in the market continued to bite. The company did confirm, however, that all room inventory at the recently renovated The Londoner Grand is now open and available ahead of May Golden Week.
According to information from parent Las Vegas Sands Corp, which released its 1Q25 financial results this morning, all of Sands China’s Macau resorts showed year-on-year revenue declines with the exception of The Plaza Macao and Four Seasons.
As a result, Adjusted Property EBITDA from Macau operations fell by 12.3% to US$535 million.
By property, The Venetian Macao saw net revenues decline by 17.3% to US$638 million, including a 22.4% fall in casino revenues to US$495 million, with Adjusted EBITDA down 28.3% to US$225 million, although EBITDA margin was a healthy 35.3%.
Net revenues at The Londoner Macao dropped by 5.9% to US$529 million, including a 4.1% decline in casino revenues to US$402 million, with Adjusted EBITDA of US$153 million.
And The Parisian Macao reported net revenues of US$227 million, largely flat year-on-year, with casino revenues of US$173 million and Adjusted EBITDA of US$66 million.
Sands Macao saw net revenues fall only very slightly to US$75 million, however The Plaza Macao and Four Season reported a 46.5% increase in net revenues to US$208 million.
It was a different story at Marina Bay Sands in Singapore, where net revenue of US$1.16 billion and Adjusted EBITDA of US$605 million were both slightly higher than a year earlier. The property recently completed a comprehensive reinvestment program of all three towers that has seen its suite inventory rise to 775.
“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, while market growth has softened in the current environment, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth.
“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.”
