Las Vegas Sands reports good results for Q1
The casino operator reported increases in both net & operating income as well as a raise in the EBITDA measure and revenue.
USA.- Las Vegas Sands results for the first quarter of 2017 matched expectations as it reached US$3.1 billion in revenue. The casino operator also reported a raise in net and operating income and an increase in net revenue and the EBITDA measure year to year.
Net income for the company went up by 41.3 percent after reaching US$578 million for the quarter. The owner of enterprises in the biggest gambling markets of the world also reported an increase of 30.2 percent in operating income, which totalled US$763 million. This last improvement was a consequence of a stronger permormance across the company’s property portfolio, Las Vegas Sands said.
A raise of 14.3 percent was reported in net revenue, that was US$3.1 billion during this period and the EBITDA increased 24.9 percent to reach US$1.2 billion.
Sheldon Adelson, company’s CEO and chairman, assigned responsability for the strong results to Sands China, its Macau business. The venue reported an increase in the EBITDA of 20.5 percent to US$624 million as well as in net revenue (15.3 percent to US$1.9 billion) and net income (11.9 percent to US$349 million).
In Singapore, Marina Bay Sands reported a 32.7 percent EBITDA increase to US$365 million, and Las Vegas Sands operations’ was up 40.2 percent to US$122 million.
Wells Fargo analysts reported that “Las Vegas and Singapore results were above expectations” and added: “All in, we would characterize the quarter as in-line and don’t expect estimates to be up that materially.”
Adelson released a statement in which he analysed the company’s results: “…the compelling attractions and entertainment offerings of our industry-leading Cotai Strip property portfolio… allowed us to deliver visitation growth of 30 percent across our property portfolio and to increase our hotel occupancy levels by 440 basis points compared to the year ago quarter. Our market-leading critical mass of hotel, retail and entertainment offerings on the Cotai Strip allowed us to grow our mass gaming business by 17 percent.”
