Tuesday, May 28, 2024

Sands China Achieves $1.81 Billion in Revenue for First Quarter of 2024, Despite Profit Challenges

In its latest financial disclosure, Sands China Ltd. revealed a robust revenue stream of US$1.81 billion for the first quarter ending March 31, 2024. This marks a 42% surge from the previous year. However, profits did not follow suit due to a lower hold in its Macau games, affecting overall profitability.

During the first quarter of 2024, Sands China experienced a significant revenue boost, although it saw a slight decline of nearly 3% compared to the fourth quarter of 2023. The company’s Adjusted EBITDA stood at US$610 million, up 53% from the previous year but showing a 7% decrease from the last quarter of 2023. The parent company, Las Vegas Sands, noted a US$31 million loss attributed to lower holds in Macau’s rolling play affecting its earnings.

The period was particularly lucrative for The Venetian Macao, Sands China’s premier property, which reported an increase in net revenues to US$771 million from US$748 million in the preceding quarter. Similarly, The Parisian Macao saw a 4% rise to US$230 million. In contrast, The Londoner Macao faced challenges due to ongoing renovations at the Sheraton Grand Macao, contributing to slight revenue declines across The Plaza and Sands Macao as well.

Conversely, Marina Bay Sands in Singapore showcased exceptional performance, setting a new record with an Adjusted EBITDA of US$597 million, which is a 10% increase from the record set in the previous quarter. This success was partly driven by a high hold in rolling play, providing a US$77 million boost.

Overall, Las Vegas Sands Group reported a quarter-on-quarter increase of 1.5% in net revenues, totaling US$2.96 billion, with a consolidated net income of US$583 million. Adjusted Property EBITDA slightly exceeded the December 2023 quarter at US$1.21 billion.

Robert Goldstein, Chairman and CEO of Las Vegas Sands, expressed satisfaction with the quarter’s results, highlighting the ongoing recovery and growth in both Macau and Singapore. He emphasized the strategic investments in Macau aimed at enhancing its tourism appeal and pointed to the innovative suite products and improved service offerings in Singapore as key drivers for future growth amidst increasing travel and tourism expenditure in Asia.

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