Sands China posts net revenue of US$1.28bn for Q1
Net revenue increased by 132 per cent on year-on-year terms.
Macau.- Sands China has shared its financial results for the first quarter of the year 2023. It posted net revenue of US$1.28bn, up 132 per cent when compared to last year. Its net loss was US$10m, down from US$336m in the prior-year period and from US$348m in the previous quarter.
The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) for the first quarter was US$398m, compared to negative US$11m for the first quarter of 2022. Some 3,800 rooms remained out of service due to labour constraints during the quarter.
The non-rolling table win in the mass market was US$911m, compared with US$354m in the same period last year. The figure represents 60 per cent of pre-pandemic levels. Slot machine win reached US$118m, up from US$29m a year ago and about 77 per cent of 2019 levels. Rolling win in the VIP segment was at 23 per cent of pre-pandemic levels at US$155m.
The Venetian Macao posted net sales of US$558m in the three months ended March 31. Casino revenue was US$446m, compared to US$157m in the first quarter of 2022. The Venetian Macao’s adjusted real estate EBITDA increased to US$210m from US$19m a year ago.
Robert G. Goldstein, Sands China CEO and chairman said: “In Macau, we were pleased to see the ongoing recovery now underway in all gaming and nongaming segments accelerate during the quarter.
“We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macau’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macau. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world centre of business and leisure tourism positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds.”
See also: Sands China urges diversification of Macau economy beyond gaming
