Sands China posts net revenue of US$1.80bn for Q1
Net revenue was up 41.6 per cent in year-on-year terms.
Macau.- Sands China has shared its financial results for the first quarter of the year 2024. Net revenue was US$1.80bn, down 2.8 per cent in quarter-on-quarter terms but up 41.6 when compared to last year. Net income was US$297m, compared to a net loss of US$10m in the first quarter of 2023.
The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$610m. Capital expenditures totalled US$196m, including construction, development and maintenance activities of US$90m in Macau.
The Venetian Macao generated net revenue of US$771m. Casino revenue was US$638m, compared to US$446m in the first quarter of 2023. The Venetian Macao’s adjusted property EBITDA was US$314m. The Londoner Macao generated net revenue of US$562m, while casino revenue reached US$419m. Adjusted property EBITDA was US$172m.
The Parisian Macao generated net revenue of US$230m. Casino revenue was US$173m, compared to US$128m in the first quarter of 2023. The casino venue’s adjusted property EBITDA was US$71m. The Plaza Macao posted net revenue of US$142m. Casino revenue was US$70m, compared to US$109m in the first quarter of 2023. The casino venue’s adjusted property EBITDA was US$36m.
The Sands Macao posted net revenue of US$76m. Casino revenue was US$69m, compared to US$67m in the first quarter of 2023. The casino venue’s adjusted property EBITDA was US$12m.
Robert G. Goldstein, Sands China CEO and chairman said: “We remain supremely confident in the future growth of the Macao market. I have stated in the past that I believe the Macao market will keep growing, and reach US$30bn, then US$35bn, then US$40bn and beyond in the years ahead.
“I retain that belief. We remain equally confident in our business strategy to invest in both the quality and scale of our market-leading assets in Macao. Our capital investment programs in Macao will ensure that we continue to be the market leader in the years ahead.
“We have a unique competitive position in terms of the scale, quality and diversity of our product offerings. Upon completion of Phase II of The Londoner Macao and our Cotai Arena redevelopment program, our product advantage will be more substantial than ever.”
Patrick Dumont, president and chief operating officer of Las Vegas Sands, added: “In terms of Phase II of The Londoner Macao, we have now commenced the room renovation on the first Sheraton tower.
“We plan the completion of the first tower by year-end, and of the second tower by the Golden Week in May 2025. The renovation of the casino on the Sheraton side of The Londoner Macao will commence in May of this year with the re-opening scheduled for December 2024.
“While there will be ongoing disruption from these capital projects, as these products come on-line between the end of 2024 and the first half of 2025, our competitive position will be stronger than ever. The scale, quality and diversity of product will be better than we have ever offered before. They will be unmatched in the market.”
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