Sands China Ltd reported a 2.0% decline in net revenues for the three months to 30 September 2019, due to reduced VIP volume and disruption at Sands Cotai Central.
Releasing its 3Q19 results early Thursday morning local time, parent company Las Vegas Sands reported a group-wide decline in net revenue of 3.6% to US$3.25 billion with the company’s Macau and Las Vegas operations down, contrasted by a 3.5% increase in net revenues at Marina Bay Sands in Singapore.
In Macau, flagship property The Venetian Macao reported a very slight decline in net revenues to US$851 million, with casino revenues flat at US$689 million.
The Venetian saw VIP rolling chip volume fall 20.6% to US$5.89 billion, with win rate also down compared with 3Q19, while mass table drop enjoyed a 7.6% increase to US$2.34 billion. Slot handle grew 23.4% to US$996 million.
The Parisian Macao followed a similar trend, with both net revenues and casino revenues slightly down to US$381 million and US$312 respectively.
VIP rolling chip volume fell 24.8% to US$3.88 billion with mass volume up 7.3% to US$1.12 billion. Slot handed declined 27.1% to US$1.39 billion.
Sands Cotai Central suffered the biggest decline, with net revenues down 9.3% to US$487 million and casino revenues by 10.3% to US$359 million. Rolling chip fell by more than half to US$1.11 billion with redevelopment works now underway to transform the property into The Londoner Macao. Mass table drop fell very slightly to US$1.61 billion with slot handle down 10.5% to US$1.02 billion.
Sands China’s other Macau properties, Sands Macao and The Plaza Macao, saw revenues rise by 6.9% and 17.4% respectively on the back of stronger mass market volumes.
Adjusted Property EBITDA across all Macau properties remained flat year-on-year at US$755 million.
In Singapore, Marina Bay Sands saw casino revenues rise 3.9% to US$553 million, with VIP volume up slightly to US$7.27 billion and mass volume also enjoying a slight improvement to US$1.42 billion. Adjusted Property EBITDA rose 3.8% to US$435 million.
Commenting on the results, LVS Chairman and CEO Sheldon Adelson said the company remained “enthusiastic about our future growth opportunities in Asia,” including the impending launch of high-end suites at Four Seasons Macao and The Londoner Macao in 2020.
“Looking further ahead, the expansion of Marina Bay Sands in Singapore will expand our suite capacity by 40% and introduce a state-of-the-art entertainment arena, both of which should contribute to growth in the future,” Adelson added. “We are also aggressively pursuing additional development opportunities in new markets, including in Japan.”
