Sands China has performed well beyond expectations in the first quarter of this year with the gaming operator recording total net revenues of US$1.27 billion, compared to just US$547 million in the first quarter of 2022, the company announced this morning in its quarterly results ended 31 March.
On the other hand, the gaming company’s net loss was US$10 million in this year’s first quarter, compared to US$336 in the first quarter of last year.
Sands China’s total adjusted property EBITDA (earnings before interest, taxes, depreciation and amortisation) from all its Macao properties ended with US$398 million on 31 March 2023, a stark contrast compared to the figure last year – negative US$11 million.
While all its Macao properties’ first-quarter results exceeded expectations, The Venetian Macao performed the best with an adjusted property EBITDA of US$210 million, 11 times higher than the same quarter last year, a mere US$19 million, while its net revenues increased by around 146 percent from US$227 million to US$558 million.
The Londoner Macao also enjoyed a significant improvement to its adjusted property EBITDA, with the figure in this year’s first quarter standing at US$56 million. In the first quarter of 2022, the figure stood at negative US$33 million. Net revenues in the first quarter of 2023 was US$283 million, an increase of about 134 percent compared to last year’s figure.
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Macao’s gaming sector, which drives the city’s economy, has been gradually recovering since border restrictions were eased earlier this year.
“We are pleased to see the ongoing recovery now underway in all gaming and non-gaming segments accelerate during the quarter,” said Robert G. Goldstein, chairman and chief executive officer of Las Vegas Sands, Sands China’s controlling shareholder.
He added, “We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macao’s tourism appeal to travellers from throughout the region, including to foreign visitors to Macao.”
