Total net revenues for Sands China came in at US$1.75 billion for the second quarter of 2024, a quarterly drop of just over three percent – though the gaming concessionaire achieved a year-on-year increase of eight percent, according to today’s regulatory filing.
Net income was US$246 million for the second quarter, up 32 percent year-on-year and down 17 percent from the first quarter.
The casino operator’s adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA) was US$561 million for the second quarter, up four percent year-on-year (and down eight percent when compared with the first quarter’s results).
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Sands China’s flagship property, the Venetian Macao, experienced a 5 percent increase in net revenues compared to the same quarter last year, generating US$686 million. The Londoner Macao, currently undergoing renovations, also saw a 10 percent increase, reaching US$444 million in net revenues.
The Parisian Macao achieved a nearly 11 percent rise in net revenues, totalling US$265 million, while the Plaza Macao generated US$250 million in net revenues during the second quarter. The lone hotel to suffer a decrease was Sands Macao, where net revenues fell by almost 6 percent to US$79 million.
Across Sands China’s portfolio, all hotels except The Plaza Macao maintained an occupancy rate exceeding 90%.
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Chairman and CEO of Las Vegas Sands (Sands China’s parent company) Robert G. Goldstein noted that while Macao’s “ongoing recovery continued”, visitations to the market remained well below pre-pandemic levels.
“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,” he said.
