Sands China has reported net revenues of US$1.81 billion for the three months to 31 March 2024, representing a 42% increase over the same period last year but almost 3% down when compared with the December 2023 quarter.
Adjusted EBITDA of US$610 million was also 53% higher year-on-year but 7% lower than Q4, with parent company Las Vegas Sands noting that low hold on rolling play negatively impacted its Macau operations to the tune of US$31 million.
Net income of US$297 million reversed a US$10 million loss in 1Q23.
The first quarter of 2024 was a strong one for Sands China’s flagship property, The Venetian Macao, which saw net revenues increase quarter-on-quarter to US$771 million compared with US$748 million in 4Q23, while The Parisian Macao also improved by around 4% sequentially to US$230 million. However, The Londoner Macao, which was impacted by ongoing renovations at Sheraton Grand Macao, as well as The Plaza and Sands Macao all suffered slight declines.
In Singapore, Marina Bay Sands again produced record Adjusted EBITDA of US$597 million, up 10% on the previous record from the December 2023 quarter. This, LVS said, was thanks in part to high hold on rolling play which provided a US$77 million benefit.
Net revenue at MBS was US$1.16 billion, up 42% year-on-year and 9% quarter-on-quarter.
Group-wide, LVS reported net revenues of US$2.96 billion, up by 1.5% quarter-on-quarter, with net income of US$583 million. Consolidated Adjusted Property EBITDA of US$1.21 billion was slightly higher than in the December 2023 quarter.
“We were pleased with our financial and operating results for the quarter, which reflect strong growth in both Macau and Singapore,” said LVS Chairman and CEO, Robert Goldstein.
“In Macau, the ongoing recovery continued during the quarter. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world center of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.
“In Singapore, Marina Bay Sands once again delivered record levels of financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as airlift capacity continues to improve and travel and tourism spending in Asia continues to advance.”
