Las Vegas Sands reports Q4 loss
Despite a 2.5% increase in net revenues, the company reported a US$40 million net loss.
US.- Las Vegas Sands released on Thursday its latest financial results, which indicate that the company posted a US$40 million net loss during the first quarter of 2018, despite a 2.5% increase in net revenues.
The company reported that it was happy with its results in Macau, which delivered EBITDA of US$786 million, a 7.7% increase on the previous year’s fourth quarter. The Marina Bay, another casino in the Asian continent, contributed US$362 million for the three-month period.
“We believe that our market-leading interconnected integrated resort portfolio in Macau will provide an ideal platform for growth in Macau in the years ahead,” said Sheldon Adelson, chairman and CEO of Las Vegas Sands, and added that the company is confident over the opportunities it has in Macau and the progress that it is making at the Four Seasons Tower Suites, St. Regis Tower and The Londoner.
Net revenue for the fourth quarter of 2018 increased 2.5% to US$3.48 billion, compared to US$3.39 billion in the fourth quarter of 2017. Net loss was US$40 million in the fourth quarter of 2018 due to non-recurring non-cash income tax expense of US$727 million for US tax reform discussed below, compared to net income of US$1.36 billion in the year-ago quarter, which included a non-recurring non-cash income tax benefit of US$526 million also related to US tax reform.
