Sands China Ltd reported its highest mass gaming win in four years and highest property EBITDA since 3Q14 in the three months to 31 December 2017, the company said, driven by a strong performance by the Venetian Macao.
Releasing its revenue results on Thursday morning local time, parent company Las Vegas Sands reported net revenues for its Macau unit in 4Q17 of US$2.1 billion, an increase of 12.9% on the same period in 2016, with net income rising 49.1% from US$348 million 12 months earlier to US$519 million.
The fourth quarter results also push full year 2017 net revenues to US$7.74 billion, an increase of 15.7% year-on-year.
Sands China’s results were largely driven by the Venetian Macao which generated revenue of US$844 million for the three months to 31 December 2017, up 19.4% on the prior period on the back of a 20.9% boost in casino revenue to US$728 million. Adjusted property EBITDA grew 23.7% to US$324 million.
The performance was strong across both the mass market and VIP segments, with mass booking a 21.5% increase in table drop to US$2.08 billion and a win percentage of 26.8%. Slot handle was US$877 million for the quarter, representing a 12.0% increase.
Rolling chip volume was US$8.02 billion, up 16.4% year-on-year although win percentage came in below the expected range at 2.73%.
The results were also positive at Sands Cotai Central – soon to be rebranded The Londoner Macao – with revenue and adjusted property EBITDA for the fourth quarter of US$557 million and US$202 million respectively, representing growth of 25.5% and 53.0%.
Mass table drop increased 20.9% for the quarter to US$1.72 billion with slot handle up slightly to US$1.29 billion. Rolling chip volume declined by 16.7% to US$2.35 billion.
The results weren’t as strong at The Parisian Macao however, with bad luck seeing net revenues fall 3.5% to US$332 million and adjusted property EBITDA down 6.3% to US$89 million. The Parisian was particularly unlucky in the VIP segment, where it saw its win percentage plummet to 2.75% from 4.52% 12 months earlier. That was despite rolling chip volume growing 16.1% to US$3.85 billion.
Mass table games win increased 13.5% for the quarter, reaching US$1.02 billion, with a win percentage of 19.8%.
The Plaza Macao and Four Seasons saw revenue grow 10.4% while Sands Macao declined 4.3% to US$154 million.
“The Macau market continued its robust recovery during the quarter, with growth in the important mass gaming market accelerating in the fourth quarter of 2017,” said Sands China Chairman and CEO Sheldon Adelson of the results.
“Sands China’s mass table games win increased 26.9%, outpacing the estimated growth in the market overall and contributing to our highest mass gaming win since the first quarter of 2014.
“We are extremely pleased with our operating momentum in Macau and remain confident that our Cotai Strip property portfolio will continue to deliver important benefits to Macau in the form of economic diversification, greater numbers of business and leisure travelers, and a superior platform for growth in the years ahead.”
Company-wide, Las Vegas Sands saw net revenue for 4Q17 increase 11.7% to US$3.44 billion with net income up 124.1% to US$1.36 billion compared to US$607 million 12 months earlier.
It included a 14.1% increase in revenue at Marina Bay Sands in Singapore to US$825 million, where adjusted property EBITDA also increased 24.6% to US$456 million.
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