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China – ‘Business is back’ for Sands China in Macau

By - 20 April 2023

Las Vegas Sands CEO Rob Goldestein has said ‘business is back’ in Macau with revenues more than doubling year-on-year in Macau to US$1.27bn for the quarter ended March 31, 2023.

He also highlighted the on going recovery in Singapore adding that the company was poised for growth for years to come. Marina Bay Sands delivered EBITDA of $394m for the quarter. Mass win set an all-time property record of $549m. Rolling volumes have been equal to 2019 levels.

Mr. Goldstein said: “The results speak from themselves with a powerful recovery underway in Macao in both gaming and non-gaming segments. The future looks very good for both markets. Our commitment to investing in both Macao and Singapore has never wavered. In Macao, following the relaxation of travel restrictions, increased visitation is driven gaming volumes, retail sales at hotel occupancy during the quarter. In other words businesses back.”

While travel restrictions and reduced visitation continued to impact Sand’s financial performance during the quarter, a robust recovery in travel and tourism spending across is now underway. 

“We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead,” Mr Goldstein added. “In Singapore, we were pleased to see the ongoing recovery at Marina Bay Sands progress during the quarter, with the property again delivering outstanding levels of performance in both mass gaming and tenant sales.  We remain energized by the opportunity to introduce our new suite product to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.

“In Macao, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments accelerate during the quarter. We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macao’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macao.  Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds.

“Looking ahead, our resolute commitment to making industry-leading investments in our team members, our communities and our market-leading Integrated Resort property portfolio positions us exceptionally well to deliver strong growth in the years ahead.  Our financial strength supports our ongoing investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

Net revenue was $2.12 bn, compared to $943m in the prior year quarter.  Operating income was $378m, compared to an operating loss of $302m in the prior year quarter.  Net income from continuing operations in the first quarter of 2023 was $145m, compared to a net loss from continuing operations of $478m in the first quarter of 2022. 

Mr. Goldstein added: “Sands, China is a unique position to capture the opportunities our diversify our model with continuous investment and non-gaming segments, mice Hotel suites live entertainment retail food and beverage, positions us well to deliver strong growth in the years ahead. Our focus is on all segments in Macao market, including international tours.

“We’re excited to have the opportunity to develop. To deploy more capital to expand our non-gaming offerings in Macao, the $328bn commitment we made as part of the concession tender. It’s just the baseline. We will invest more in this extraordinary market. I look-forward to everyone. Having the opportunity to see the witness the Londoner and the Four Seasons, the quality of our new products is exceptional.”

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