Las Vegas Sands saw its revenue increase by 16.7% to US$3.58 billion in the three months to 31 December 2018, including a 17% increase from its Macau operations to US$2.16 billion.
Sands China Ltd saw strong growth across all Macau properties except Sands Macao, with the Venetian Macao and Sands Cotai Central leading the way. The Venetian’s net revenue rose 19.6% to US$868 million including a 20.1% increase in casino revenues to US$716 million. The results were positive across all segments with rolling chip volume up 27.9% to US$7.87 billion and mass drop up 29.9% to US$2.24 billion year-on-year. Adjusted Property EBITDA grew 20.4% to US$348 million.
Sands Cotai Central, which is slated to be transformed into The Londoner, saw net revenue also rise 19.6% to US$549 million. The positive results came despite a 17.0% decline in rolling chip volume to US$2.41 billion, with good luck paving the way via a 3.43% win percentage.
Mass table drop grew 19.8% to US$1.76 billion with Adjusted Property EBITDA up 40.6% to US$201 million.
The Parisian Macao enjoyed a 15.8% boost in net revenues to US$359 million, with rolling chip up 23.5% to US$4.60 billion and mass table drop up 10.5% to US$1.09 billion. Adjusted Property EBITDA rose 41.5% to US$116 million.
The Plaza Macao and Four Seasons Hotel also enjoyed good growth, up 38.4% to US$191 million thanks to a strong 66.9% increase in rolling chip volume to US$3.06 billion and a 37.3% boost in mass table drop to US$416 million. Casino revenues at the property grew 54.3% to US$142 million as a result.
Sands Macao was the only Macau property to experience overall falls, with net revenue down 13.5% to US$154 million. Rolling chip volume suffered a 53.1% decline to US$897 million, with mass table drop up slightly to US$657 million. Adjusted Property EBITDA was down 13.0% to US$47 million.
Once again, Las Vegas Sands enjoyed particularly strong results at its Singapore IR, Marina Bay Sands, where net revenue grew 26.4% year-on-year to US$872 million, including a 32.5% increase in casino revenue to US$652 million.
Luck played a major part in the Singapore results, with rolling chip win of 4.77% – up from 2.52% in the same period last year, making up for a 17.3% decline in rolling chip volume to US$7.38 billion. Mass table drop grew 8.6% to US$1.40 billion, with Adjusted Property EBITDA rising 48.6% to US$541 million.
Discussing the results, Las Vegas Sands Chairman and CEO Sheldon Adelson said, “We are extremely pleased to have delivered strong financial results in the quarter.
“Consolidated adjusted property EBITDA reached a record US$1.50 billion, an increase of 30.7% compared to the first quarter of 2017. The power of our unique convention-based integrated resort business model was once again on display during the quarter, with record quarterly financial results achieved in Macau, Singapore and Las Vegas. We also continued to invest in growth initiatives in each of our markets while returning excess capital to shareholders.”
Las Vegas Sands announced that it will pay a quarterly dividend of US$0.75 per share on 28 June 2018.
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