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China – Sands sees uplift in travel and tourism spend

By - 20 July 2023

Las Vegas Sands reported a recovery in travel and tourism spending in both Macau and Singapore during the quarter ended June 30, 2023 with net revenue coming in at $2.54bn and net income coming in at $368m.

“We were pleased to see the robust recovery in travel and tourism spending underway in both Macao and Singapore progress during the quarter.  We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout the remainder of 2023 and in the years ahead,” said Robert G. Goldstein, chairman and chief executive officer.

“In Singapore, Marina Bay Sands again delivered outstanding levels of performance in all segments, with mass gaming revenue reaching another record result.  We remain energized by the opportunity to introduce our new suite product and elevated service offerings 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 Macau, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments progress during the quarter.  We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macau’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macau.  Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau 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 Macau and Singapore, our pursuit of growth opportunities in new markets, and the return of capital to stockholders.  We are very pleased to reinstate our quarterly dividend this quarter.”

The company announced the resumption of its program to return capital to stockholders.  The company’s quarterly dividend has been reinstated at $0.20 per common share.  The next dividend will be paid on August 16, 2023, to Las Vegas Sands stockholders of record on August 8, 2023.

Net revenue was $2.54bn, compared to $1.05bn in the prior year quarter.  Operating income was $537m, compared to an operating loss of $147m in the prior year quarter.  Net income from continuing operations in the second quarter of 2023 was $368m, compared to a net loss from continuing operations of $414m in the second quarter of 2022. 

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