Sands China Ltd.’s (SCL) total net revenues increased 15.3 percent to US$ 1.88 billion in the first quarter of 2017, compared to US$ 1.63 billion in the first quarter of 2016. Net income for SCL increased 11.9 percent to US$ 349 million in 2017 1Q compared to US$ 312 million in 2016 1Q, on a US GAAP basis according to its latest announcement released on 27 April.
Adjusted EBITDA was US$ 624 million, an increase of 20.5 percent compared to the prior year quarter. Mass gaming business increased by 17 percent (hotel, retail and entertainment offerings on its Cotai properties).
The Venetian Macao posted net revenues of US$ 741 million and adjusted property EBITDA of US$ 289 million in the first quarter, a 7.8 percent growth compared to the first quarter of 2016. Its hotel occupancy for the first quarter was 86.7 percent compared to 77.7 percent in 2016.
Sands Cotai Central posted net revenues of US$ 467 million. Its adjusted property EBITDA was US$ 143 million, a 12.3 percent decrease compared to 2016 1Q. Its hotel occupancy for the first quarter was 79.4 percent compared to 77.1 percent in 2016.
The Parisian Macao opened in September 2016 posted net revenues of US$ 318 million and an adjusted property EBITDA of US$ 82 million, a 13.7 percent decease from 2016 Q4. Hotel occupancy was 81.9 percent compared to 91.1 percent in 2016 Q4.
The Plaza Macao generated net revenues of US$ 143 million. Its adjusted property EBITDA was US$ 51 million, an increase of 6.3 percent compared to last year quarter. Hotel occupancy was 79 percent compared to 69 percent in 2016 Q1.
Sands Macao net revenues was US$ 182 million. Its adjusted property EBITDA was US$ 54 million, an increase of 74.2 percent compared to 2016 1Q. Hotel occupancy was 97.9 percent compared to 95.8 in 2016 1Q.
Las Vegas Sands chairman and chief executive officer, Sheldon Adelson added: “After a challenging period, the Macau market is growing again, and its growth rate has been accelerating for three consecutive quarters. Our Macau operation is experiencing strong growth in both our mass gaming and non-gaming segments.”
He said the addition in September of the Parisian Macao to the company’s portfolio in Macau had helped Sands China Ltd – Las Vegas Sands’ Macau subsidiary – to deliver visitor growth of 30 percent across its property portfolio and to increase hotel occupancy levels by 440 basis points compared to the year ago quarter.
