Sands China posts net revenue of US$1.86bn for Q4
For the full year 2023, the casino operator posted a total net revenue of US$6.53bn.
Macau.- Sands China has shared its financial results for the fourth quarter of the year 2023. Net revenue was US$1.86bn, up 4.1 per cent from the US$1.78bn posted in the third quarter of the year and up 323 per cent in year-on-year terms.
Net income was US$288m for the fourth quarter of 2023, compared to a net loss of US$348m in the fourth quarter of 2022. The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$654m.
The Venetian Macao generated a net revenue of US$748m. Casino revenue was US$607m, compared to US$575m in the third quarter. The Venetian Macao’s adjusted property EBITDA was US$302m. The Londoner Macao generated a net revenue of US$589m while casino revenue reached US$433m. Adjusted property EBITDA was US$190m.
The Parisian Macao generated a net revenue of US$222m. Casino revenue was US$163m, compared to US$33m in the third quarter of 2023. The casino venue’s adjusted property EBITDA was US$68m.
Robert G. Goldstein, Sands China CEO and chairman said: “We were extremely pleased with our financial and operating results for the quarter, which reflect the ongoing improvement in the operating environment in both Macao and Singapore.
“In Macao, the ongoing recovery across all segments continued during the quarter. 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 as the ongoing recovery in travel and tourism spend progresses.
“We entered into an agreement on December 5, 2023 to pay up to HK$1,951,325,000 for the purpose of purchasing Sands China shares, which, upon settlement of the agreement that will be completed in the first half of 2024, is expected to increase our ownership interest in Sands China.”
For the full year 2023, the casino operator posted a total net revenue of US$6.53bn, up 307 per cent in year-on-year terms. Net income was US$696m, compared to a net loss of US$1.58bn in 2022.
Adjusted property EBITDA was US$2.22bn, compared to an adjusted property EBITDA loss of US$324m for the full year 2022.
