Sands China reported US$1.76 billion in net revenue for the fourth quarter of 2024, down from US$1.77 in the third quarter. The results represented a year-on-year decrease of 5 percent, according to figures released by its parent company, Las Vegas Sands.
Net income for the final three months of the year fell by 17.7 percent year-on-year to US$237 million, while the gaming operator’s adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped by 12.7 percent to US$571 million. Las Vegas Sands’ statement noted that “low hold on rolling play in Macao negatively impacted adjusted property EBITDA by US$22 million.”
The slips also came amidst renovations at The Londoner Macao and The Venetian Macao – the only two properties in Sands China’s portfolio to experience year-on-year declines in net revenue (12.8 and 9.2 percent, respectively) for the quarter. The Parisian Macao’s net revenues grew by 2.7 percent, The Plaza Macao and Four Seasons’ was up 16.1 percent, and Sands Macao’s grew by 6.2 percent.
[See more: Sands China welcomes Greater China’s largest AP House, elevating Macao’s luxury retail scene]
For the full year, Sands China’s net revenues increased by 8.4 percent when compared with 2023, coming in at US$7.08 billion. The company clocked full-year net income of US$1.05 billion and adjusted EBITDA of US$2.33 billion.
In a statement, Robert G. Goldstein, chairman and CEO of Las Vegas Sands, noted that Macao’s per visitor spend “remains below the levels reached prior to the pandemic.” He described the SAR’s post-pandemic recovery as “ongoing” during the fourth quarter.
“Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world centre of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.”
