Mass gaming growth boosts Sands 17Q2 results

Total net revenues for Sands China increased 23 percent year-on-year to US$1.8 billion in the second quarter of 2017, driven by strong mass gaming revenue growth.

Net income for Sands China increased 37.6 percent year-on-year to US$326 million in 17Q2, compared to US$237 million in 16Q2.

“During the quarter both our Macao and Singapore operations performed exceptionally well. Sands China grew its EBITDA by 23 percent year-on-year, driven by strong mass gaming revenue growth,” said Sheldon Adelson, chairman and chief executive officer of LVS in an earnings call summary.

Strong mass revenue growth, coupled with higher hotel occupancy and growth in the VIP segment contributed to adjusted property EBITDA in Macau - reaching US$600 million in the quarter.

Mass table gaming revenues grew by 23 percent year-on-year, while non-gaming revenues grew 22 percent year-on-year. Premium mass also did exceptionally well in the quarter, up 40 percent compared to the prior year.

Morgan Stanley noted that Parisian Macao beat expectations in the quarter, due mainly to luck. Luck-adjusted EBITDA grew 11 percent quarter-on-quarter, with Parisian mass and slot revenue growing 4 percent quarter-on-quarter.

The Venetian Macao however, saw a quarter-on-quarter decline in EBITDA - mainly due to 500 rooms being out of operation during the quarter for renovation, as well as weaker VIP revenue (-24 percent quarter-on-quarter).

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