Las Vegas Sands posts revenue increase
Las Vegas Sands has reported the financial results for the second quarter of the year, ended June 30 and reiterated its interest in the Japanese market.
US.- Las Vegas Sands Corp has announced its latest financial results, which detail operations from the second quarter of 2019. The company also reiterated its interest in operating a casino in the upcoming Japanese market.
Las Vegas Sands registered consolidated net revenue of US$3.3 billion for the second quarter of the year, which represents a 0.9% year-on-year increase. Operating income also increased 12% to US$849 million, while net income rose 64$ to US$1.1 billion.
The second quarter was characterised by a gain of US$556 million from the sale of Sands Bethlehem to Creek Hospitality. Adjusted property EBITDA totalled US$1.27 billion, or an increase of 3%.
Furthermore, Sands China, a subsidiary of Las Vegas Sands, reported a net revenue increase of 1% to US$2.1 billion. The subsidiary’s results made up 63% of overall group revenue. It also generated net income of US$511 million, an increase of 19%.
Net income attributable to Las Vegas Sands in the second quarter of 2019 increased to US$954 million, compared to US$556 million in the second quarter of 2018, while diluted earnings per share increased 77.1% to reach US$1.24.
Sheldon G. Adelson, chairman and CEO, said: “We delivered solid financial results in the second quarter. Hold-normalised Adjusted Property EBITDA reached nearly US$1.3 billion.”
The interest in Japan
Adelson also said that the company is aggressively pursuing additional development opportunities in new markets, including Osaka, Japan. We remain enthusiastic about our future growth opportunities in Asia, which will improve through the introduction of our Four Seasons Tower Suites Macao later this year, the Londoner Macao throughout 2020 and 2021 and the expansion of Marina Bay Sands in Singapore thereafter,” he added.
