Sands China has reported a profit of US$175 million for the first six months of 2023, reversing a US$760 million loss during the same period last year.
A fortnight after parent company Las Vegas Sands released its results for the June 2023 quarter – which confirmed the first profitable quarter in more than three years for its Macau-based subsidiary – Sands China announced its interim results on Friday, with all operating segments and business categories positive following the easing of COVID-19 border restrictions in January.
These included net revenues of US$2.9 billion through the first six months of the year, reversing a US$915 million loss in 1H22, including net casino revenues of US$2.16 billion – up 281% year-on-year.
Adjusted Property EBITDA of US$939 million also reversed a US$120 million EBITDA loss a year earlier.
While Sands China has not recommended payment of an interim dividend, it has expressed optimism over the path ahead given Macau’s recovery trajectory and a balance sheet that includes US$1.23 billion in cash and cash equivalents, and US$1.74 billion in available borrowing capacity as of 30 June 2023.
“We believe we are able to support continuing operations, fulfill the obligations and commitments under the Concession Contract and complete our major construction projects that are underway,” the company said.
