Las Vegas Sands reports $3b in revenue
The biggest casino operator in the world when it comes to revenue announced that it reached the US$3 billion mark in Q2.
US.- Las Vegas Sands revealed that during the second quarter of the year the casino company took in US$3.14 billion, a 18.6 percent increase year-over-year. The company had already announced good results for the first three months of the year.
The operator won US$2.46 billion from players during the second quarter, a 22 percent higher year-over-year, as Card Player revealed. The number surpassed the Wall Street expectations mainly because of business in the Asian continent: Las Vegas Sands six properties generated US1.82 billion out of the US$3.14 billion of the company, a 23 percent rise when compared to the same period a year before.
Sands’ Chairman Sheldon Adelson said the Macau market is growing and its growth rate has been accelerating for four consecutive quarters. “At the same time, the significant new supply that has been added on [the] Cotai [Strip] since 2015, amounted to more than 8,000 hotel rooms and more than US$13 billion of additional invested capital, has successfully been absorbed by the market,” he added.
The company’s casinos in Singapore and Las Vegas experienced good results, but table game and slot machine were down 6.1 and 8.5 percent respectively in Las Vegas. Moreover, Chelsey Tam, an analyst from the independent investment research firm MorningStar, named Las Vegas Sands’ proposal as the potential winner of the Japanese casino development. The American company is one of the bidding operators competing for the license in the recently approved Asian market.
