China – Sands China reports best quarter since 2014By Phil - 30 October 2017
Sands China’s Mass and VIP gaming volumes both outpaced growth in the Macau market as Las Vegas Sands reported GGR of US$3.2bn for the third quarter, up 7.7 per cent.
EBITDA Increased 3.8 per cent for the company in Macau, 13 per cent in Singapore and decreased by 11.6 per cent in the US.
In Macau it was the best quarter since the fourth quarter of 2014, driven by results at the Parisian Macao, which generated EBITDA of $135m for the quarter, up 27.4 per cent from the previous quarter.
Sheldon Adelson, Chairman and CEO, said: “Strong visitation at The Parisian Macao continued to contribute to impressive growth in all segments. Now clearly established as a ‘must see’ destination for visitors to Cotai, the Parisian Macao delivered sequential growth in visitation, hotel occupancy, average daily rate and gaming volumes. We expect the Parisian Macao to deliver continued growth in the years ahead as we further align the property’s suite of offerings to appeal to every segment of the evolving Macau market. In Macao, the market continues to recover, while Sands China’s Mass and VIP gaming volumes both outpaced the growth in the Macao market overall. That strong gaming performance, coupled with higher hotel occupancy and retail mall revenues, helped drive an adjusted property EBITDA performance of $652 million, our best quarterly result since the fourth quarter of 2014.We remain confident that our Cotai Strip property portfolio will continue to deliver important benefits to Macao in the form of economic diversification, greater numbers of business and leisure travelers, and a superior platform for growth in the years ahead.”
“Marina Bay Sands again delivered outstanding financial results during the quarter with adjusted property EBITDA expanding 13 per cent to reach $442m.
Mr. Adelson said: “Marina Bay Sands’ innovative programming, mass gaming play and non-gaming revenues underpin the continued success of this industry-leading property, while stronger VIP volumes and continued cost discipline also contributed to the strong performance. EBITDA margin increased 440 basis points in the quarter, reaching 55.7 per cent. We are pleased to have established Marina Bay Sands as a reference site for other cities and countries that are considering harnessing the economic power and direct contributions to tourism, employment and GDP growth that are gained through our unique convention-based Integrated Resort business model.”
In the US, revenue at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, decreased 1.6 per cent to $378m, while adjusted property EBITDA decreased 11.6 per cent to $76m.
Revenue at Sands Bethlehem was $148m, while adjusted property EBITDA was an all-time record of $40m for the quarter. Table games drop increased 3.2 per cent to $293mfor the quarter, while table games win percentage was 20.1 per cent above the 19.6 per cent realised in the third quarter of 2016.