Sands China reports record-breaking growth in the second quarter of 2017.
Macau.- Sand China, Macau’s subsidiary of Las Vegas Sands, reported optimistic results during the second quarter of 2017. As Macau’s economy has been showing signs of recovery, Sands casino announced a growth of 23 percent year-on-year to US$1.8 billion. Furthermore, the net income increased 37.6 percent year-on-year to US$326 million.
Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands, said in an official statement: “We are pleased to have delivered a strong set of financial results during the quarter, led by another quarter of growth in Macao and a record-setting performance in Singapore(1). The benefits of our convention-based integrated resort business model remain evident in our (LVS) financial results, with adjusted property EBITDA increasing 26.5% compared to the second quarter of 2016, reaching US$1.21 billion. We also continued to return excess capital to shareholders during the quarter.”
Adjusted property earnings before interest taxes, depreciation and amortisation also saw an increase, 23 percent, in the second quarter of this year to US$600 million compared with last year mainly due to mass market revenue growth and increased hotel capacity.
The Parisian Macao, opened in September, saw revenue up 13.5 percent from US$318 million in the first quarter to US$361 million in the second. The Venetian Macao generated revenue of US$687 million in the second quarter.