Amidst the current concerns over the impact of the Wuhan Coronavirus, Las Vegas Sands reports that its results in the final quarter of 2019 (and at the beginning of January) had been going strong.
Total revenues in the quarter were over US$3.5 billion, which was up 1 percent year-on-year, and Property EBITDA came in at almost US$1.39 billion, a 9 percent advance over the previous year.
Most of the company’s Macau casinos, with the exception of the The Plaza Macao, recorded small year-on-year revenue declines, mainly due to soft results in December when Chinese President Xi Jinping visited the territory.
It was a very different story in Singapore, however, where Marina Bay Sands pulled in US$853 million in revenues during the quarter, a jump of 17 percent year-on-year.
The Las Vegas operations of Sands also recorded significant revenue growth.
During a conference call with investors, Sands Chairman and CEO Sheldon Adelson also emphasized that Macau could become “the MICE capital of Asia” and that his firm intended to lead the way.
“We stand ready to make substantial additional investments to contribute to Macau’s future success. In 2019, over 900 MICE events were held in Sands China’s properties in Macau, with the participation from over… 800,000 attendees. This is by far the highest number of MICE events and attendees that are hosted by any operator in Macau. And indeed, we estimate that we represent as much as 90% of the MICE market,” Adelson stated.
The Four Seasons Hotel Tower Suite is still expected to open in the first half of 2020, and the Londoner Tower Suite late 2020.