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Sands China hits strong revenue targets, with significant EBITDA uptick

Sands China has registered a massive increase in third-quarter revenue, rising from $251 million in 3Q22 to $1.78 billion in 3Q23, with net income coming back into the black at $231 million, compared to a loss of $472 million in the same quarter last year.

The group’s property EBITDA also roared back, to $631 million, from a loss of $152 million in 3Q22.

Revenue from casino operations was strong at the group’s Venetian property, with some $575 million in casino revenue and adjusted property EBITDA reaching $290 million. The property saw some $953 million in rolling chip during the quarter, while hotel occupancy was 98 percent.

Meanwhile, The Londoner brought in $371 million in casino revenue, while room revenue outperformed The Venetian at $97 million, compared to $55 million just across the Strip. Adjusted property EBITDA meanwhile topped $167 million, while rolling chip was up to $1.56 billion—a massive 1,382 percent increase.

The four-star Parisian hotel saw smaller figures, with casino revenue at $181 million and rooms contributing $37 million, while adjusted property EBITDA hit $81 million. Rolling chip, however, was at $277 million during the period, a sharp rise from the $26 million seen in 3Q22. Occupancy was 97 percent.

The group’s peninsula property was a low performer, bringing in just $75 million in the quarter, with negligible results in rooms and F&B, as adjusted property EBITDA reached only $17 million.

Rob Goldstein, CEO, Las Vegas Sands
Robert Goldstein, Chairman, Las Vegas Sands

Speaking of the results, LVS Chairman Robert Goldstein noted that “Macao delivered US$631 million in EBITDA for the quarter, and we are only eight months into the post-COVID re-opening. These are early days.”

“We look forward to growth in both gaming and non-gaming revenue, which will lift the entire market,” states Goldstein.

The executive expressed a firm belief that the Macau market can grow to $40 billion GGR “and beyond”, which Goldstein notes “may very well happen in a shorter timetable than anyone realizes”.

The chairman furthers that Macau “is the most important land-based market in the world”, noting that he expects the “gaming portion of our business to follow the same trajectory as Singapore and accelerate in 2024”.

AGBrief Editorial
AGBrief Editorialhttps://agbrief.com/about-asia-gaming-brief/
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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