Las Vegas Sands reports Q1 net revenue rise

Las Vegas Sands reports Q1 net revenue rise

Las Vegas Sands reported positive financial results in 1Q19. Credits: seekingalpha.com

The operator reported a net revenue increase of 2% year-on-year during the first quarter of the year.

US.- Las Vegas Sands has released the latest financial results, which indicate that the company registered a 2% year-on-year increase in consolidated net revenue to US$3.65 billion during the first quarter of 2019.

The company detailed that net income reduced by 54% in the three-month period to US$744 million. Adjusted earnings per diluted share were US$0.91, while consolidated adjusted property EBITDA was US$1.45 billion.

Futhermore, adjusted net income from Las Vegas Sands was US$708 million, which represents a 13% decrease. Sands China reported net revenue increase of 8% to US$2.33 billion in Q3.

Chaiman and CEO of Las Vegas Sands, Sheldon Adelson, said: “Our Integrated Resort property portfolio in Macau delivered revenue growth of 14% in the high-margin mass gaming table segment and adjusted property EBITDA of US$858 million. At Marina Bay Sands in Singapore, our hotel, retail, convention and mass gaming segments all exhibited strength, contributing to US$423 million of adjusted property EBITDA for the quarter.”

Moreover, the CEO talked about construction in Macau: “In Macao, construction and development work on the Four Seasons Tower Suites Macao and the Londoner Macao is progressing. We believe our market-leading interconnected Integrated Resort portfolio in Macao, bolstered by our investments in additional luxurious hotel suite offerings, destination retail, MICE capacity and entertainment attractions, positions us exceedingly well to continue to contribute to Macao’s economic diversification and to deliver growth in the years ahead.”

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