Sands China Limited’s income for 2023 was US$696 million under US generally accepted accounting principles (GAAP), the company said this morning in a regulatory filing. The sum compares to a net loss of US$1.58 billion in 2022.
Last year’s total net revenues increased 307 percent to US$6.53 billion, compared to 2022, also on a US GAAP basis.
Net income was US$288 million for the fourth quarter of 2023, compared to a net loss of US$348 million in the fourth quarter of 2022, the company said. Total net revenues increased 323 percent to US$1.86 billion for the fourth quarter of 2023, compared to the fourth quarter of 2022.
The company’s adjusted property earnings before interest, taxes, depreciation and amortization (EBITDA) was US$654 million for the fourth quarter of 2023, compared to an adjusted property EBITDA loss of US$51 million for the fourth quarter of 2022.
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For the full year, Sands China’s adjusted property EBITDA was US$2.22 billion, compared to an adjusted property EBITDA loss of US$324 million for 2022.
Capital expenditures made by parent company Las Vegas Sands during the fourth quarter totalled US$325 million, including construction, development and maintenance activities totalling US$109 million in Macao.
Mr. Robert G. Goldstein, chairman and chief executive officer of Las Vegas Sands, said: “We were extremely pleased with our financial and operating results for the quarter, which reflect the ongoing improvement in the operating environment in both Macao and Singapore.”
He added: “In Macao, the ongoing recovery across all segments continued during the 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 ongoing recovery in travel and tourism spend progresses.”
