Las Vegas Sands’ Macau operations saw a 3.1 percent sequential decrease in revenue during the second quarter of the year, to $1.75 billion, despite rising some 7.73 percent compared to 2Q23.
In results filed on Wednesday, the group indicated that Sands China generated net income of some $246 million, up by 31.5 percent yearly but down by 17.7 percent quarterly.
The company notes that overall for the market, the recovery in premium mass has been strong, but that bass mass, in particular in unrated play, still remains below 2019 levels.
Chinese visitation to the SAR still remains below pre-pandemic levels.
But a major disruptor for the group’s Macau operations has been its ongoing renovations at The Londoner and the Venetian Cotai Arena.
The group indicates that this ‘disruption impact will peak in 3Q24, with new Londoner Grand casino and suite capacity and The Venetian Cotai Arena expected to be back online by December 2024’.
Adjusted property EBITDA rose by some 3.7 percent yearly, to $561 million, lowered by the hold in rolling play, resulting in an 8 percent quarterly decrease.
Macau properties
Of the group’s Macau properties, the Venetian continued to generate the most revenue, at $686 million, up 5.1 percent yearly, with casino revenues rising by 33 percent yearly, to $556 million.
Meanwhile The Londoner generated some $444 million, up 10.4 percent yearly, on the back of casino revenues of $318 million, up 37 percent yearly.
The Parisian brought in $265 million in revenue, up 10.9 percent yearly, with casino revenues of $207 million, a 24 percent rise.
The Four Seasons saw revenue of $250 million, a 12.1 percent yearly rise, with casino revenues of $178 million, up 28 percent yearly.
Sands Macau, meanwhile saw a 6 percent yearly drop in revenue, to $79 million, with casino revenue falling by 6 percent yearly, to $70 million.
Marina Bay Sands
Looking to Singapore, the group’s Marina Bay Sands property generated some $1.01 billion in revenue, a 9.8 percent yearly increase but down by 12.26 percent from the first quarter of the year.
Adjusted property EBITDA fell by some 14.2 percent quarterly, but rose by 18.5 percent compared to the same quarter of last year, totaling $512 million.
The Singapore property was also affected by ongoing renovations and refurbishment, which is expected to be finalized by the second quarter of 2025.
Casino revenue during the quarter totaled some $706 million, up by 57 percent yearly, while room revenue increased by 20 percent, to $124 million.
Total LVS results
Overall, Las Vegas Sands reported second quarter revenues of some $2.76 billion, an 8.6 percent yearly rise but a fall of 6.69 percent from the previous quarter.
Adjusted property EBITDA topped out at $1.07 billion, up by 10.27 percent yearly, but down by 11.1 percent sequentially.
Net income totaled $424 million, up by 15.2 percent yearly but down by 27.27 percent compared to the first quarter of the year.
Speaking of the results, Robert G. Goldstein, Chairman and CEO of Las Vegas Sands noted that “Our financial and operating results for the second quarter of 2024 reflect growth in both Macau and Singapore compared to the second quarter of 2023.
“Our financial strength and industry-leading cash flow continue to 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”.
