Sands China net revenue declines in Q1
Net revenue was down 5.7 per cent in year-on-year terms.
Macau.- Sands China has shared its financial results for the first quarter of the year. Net revenue was US$1.70bn, down 3.96 per cent in quarter-on-quarter terms and 5.7 per cent when compared to last year. Net income was US$202m, down 32 per cent year-on-year.
The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$535m, down 12.3 per cent in year-on-year terms. Capital expenditures totalled US$379m, including US$197m for construction, development and maintenance activities in Macau.
The Venetian Macao generated net revenue of US$638m, down 17.3 per cent year-on-year. Casino revenue was US$495m, down 22.4 per cent and adjusted property EBITDA was down 28.3 per cent to US$225m. The venue had a hotel occupancy of 99.8 per cent.
The Londoner Macao generated net revenue of US$529m, down 5.9 per cent. Casino revenue reached US$402m, down 4.1 per cent year-on-year. Adjusted property EBITDA was US$153m. The venue had a hotel occupancy of 98.1 per cent.
The Parisian Macao generated net revenue of US$227m, flat year-on-year. Casino revenue was US$173m. The casino venue’s adjusted property EBITDA was US$66m. The occupancy rate was 99.8 per cent. The Plaza Macao posted net revenue of US$208m, up 46.5 per cent. Casino revenue was US$132m, compared to US$70m in the first quarter of 2024. The casino venue’s adjusted property EBITDA was US$74m. The occupancy rate was 97.2 per cent.
Sands Macao net revenue was US$75m, with casino revenue of US$68m, compared to US$69m in the first quarter of 2024. The venue’s adjusted property EBITDA was US$10m. The occupancy rate was 98.8 per cent.
Robert G. Goldstein, Sands China CEO and chairman said: “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 centre of business and leisure tourism positions us well for future growth.”
