Sands China has reported a 53.3 percent increase in adjusted property EBITDA for its Macau operations in the first quarter, while Marina Bay Sands was also up by over 50 percent during the period.
The increases equate to $610 million and $597 million, for Macau and Singapore, respectively.
This comes on the back of continued travel increases to both destinations, contributing to net revenue of $2.96 billion and net income of $583 million.
It also comes as the group recognizes that Macau generated about $7.1 billion in gaming revenue during the first quarter, with mass reaching a new quarterly record of $6.2 billion. This positively contributed to a 53.3 percent EBITDA increase for Sands China, hitting $610 million.
Meanwhile Marina Bay Sands saw as VIP recovered by 51.5 percent from 1Q23 – with rolling volume hitting $8.2 billion.
Speaking of the results, Robert Goldstein, Chairman and CEO, noted that “In Macao, the ongoing recovery continued during the quarter” while highlighting that “In Singapore, Marina Bay Sands once again delivered record levels of financial and operating performance.”
Looking ahead, the executive indicates that “Our financial strength and industry-leading cash flow support our ongoing investment and capital expenditure programs in both Macao and Singapore, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders”.
During the period, the group saw revenues from its Londoner property grow by some 98.6 percent, to $562 million, as the Venetian Macau also saw revenues increase by some 38 percent, to $771 million.
The group’s Parisian property also delivered a strong 32 percent yearly increase in revenue, at $230 million, while the Four Seasons yielded a drop and Sands Macau stayed nearly flat.
Marina Bay Sands, meanwhile, saw mass gaming revenue reach $687 million during the period, with rolling volume at $8.2 billion and 95 percent hotel occupancy.
The group is further committed to its ongoing $1.2 billion in the Londoner Phase II, expected to be completed by Chinese New Year of 2024, having already invested over $2.2 billion in renovations on The Londoner and Four Seasons.
It’s planning a total of $4.5 billion in CAPEX and OPEX investments over the 10-year period of its new gaming license.
