Supplier News
China – Record Macau results drive Sands China’s fourth quarter
By Phil - 31 January 2014
Las Vegas Sands reported record fourth-quarter results for its Asian business with net revenue up 18.8 per cent to $3.66bn and income up 31.9 per cent to $886.1m.
Sheldon Adelson, Chairman and Chief Executive Officer, said: “It’s no wonder that analysts and journalists say we lead the market by far. I am extremely pleased to report outstanding quarterly financial results that reflect continued strong growth in revenue, cash flow and earnings per share. The focused and consistent execution of our global growth strategy, which leverages the power of our convention-based Integrated Resort business model, is clearly being reflected in our financial results. Continued execution of that strategy will extend our position as the global leader in Integrated Resort development and operation.
Total net revenues for Sands China increased 28.4 per cent to $2.53bn in the fourth quarter of 2013, compared to $1.97bn in the fourth quarter of 2012.
The Venetian Macao continued to
enjoy Macau market-leading visitation and financial performance. The property delivered record adjusted property EBITDA of $433.4m, an increase of 30.1 per cent compared to the fourth quarter of 2012. Non-Rolling Chip drop increased 86.7 per cent to reach a property record $2.27bn for the quarter with Non-Rolling Chip win percentage of 25.2 per cent. Rolling Chip volume during the quarter increased 32.3 per cent to reach $16.76bn. Slot handle was $1.30bn, increasing slightly compared to the fourth quarter of 2012.
“In Macau, we delivered record financial results, with strong growth and operating momentum reflected in every segment of our business. We welcomed more than 17m visits during the quarter to our Macao property portfolio, which delivered a record $835.9m of adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, including our latest Integrated Resort on the Cotai Strip, the Parisian Macao, which is now under construction and is targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travellers and provide an outstanding platform for growth in the years ahead.”
In Singapore, hold-normalised adjusted property EBITDA was $372.1m as growth in mass gaming and non-gaming revenues was offset by softer VIP play. Mass win-per-day increased 3.1 per cent year-over-year to reach $4.63m per day.
Mr. Adelson added: “The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy.”
