Sands China has announced that approximately 3,800 of its rooms, or some 31 percent ‘were out of service on average per day’ in the first quarter of the year ‘due to labor constraints, with the group hoping to operate 10,700 rooms during the second quarter, and bring all of its remaining room supply online within the third quarter.
The figure was announced by the group’s Chief Operating Officer, Grant Chum, in response to inquiries during the earnings presentation of the group’s parent company Las Vegas Sands.
Looking at the market overall, LVS Chairman and CEO, Rob Goldstein, noted that the group was ‘pleased to see the ongoing recovery now underway in all gaming and non-gaming segments accelerate during the quarter’.
Sands China reported a net revenue increase to $1.27 billion during the quarter, more than double the figure registered in 1Q22.
The group registered a loss of $10 million, a massive turnaround from the $336 million loss registered in the same period of 2022.
Adjusted property EBITDA returned to the black, at $398 million, as opposed to a loss of $11 million in 1Q22.
The main driver of revenue was the group’s Venetian Macau property, bringing in $446 million in casino revenue and $558 million in net revenue, while having 85.7 percent occupancy during the quarter. Adjusted property EBITDA totaled $210 million.
Rolling chip volume at the property totaled $1.25 billion, up by $534 million yearly, while non-rolling chip drop was $1.76 billion, up by a staggering $1.13 billion yearly.
The group’s Londoner property also delivered, seeing casino revenue of $198 million and net revenue of $283 million, with adjusted property EBITDA of $56 million and hotel occupancy of 46.7 percent.
Rolling chip volume at the property was $1.45 billion, up by $1.08 billion yearly, while non-rolling chip drop was $899 million, up by $545 million yearly.
Speaking of the results, the LVS Chairman noted that “business is back”, noting that the group’s focus “is on all segments of the Macau market, including international tourists”.
Rob Goldstein also pledged that “the $3.8 billion commitment we made as part of the concession tender is just a baseline. We will invest more in this extraordinary market”.