Hong Kong-listed Macau gaming operator Sands China has announced that its profits increased 8.4 percent to US$2.03 billion last year, when net revenues rose 1.7 percent to US$8.81 billion.
According to a statement by the US company on Friday, last year’s operating expenses rose a mere 0.3 percent to US$6.53 billion.
Adjusted property EBITDA grew 3.7 percent to US$3.19 billion.
The statement quoted Board Chairman and CEO Sheldon Adelson as saying that the company’s EBITDA margins expanded to a market-leading 36.3 percent.
“Sands China has now invested nearly US$14 billion to deliver on our promise to help Macau in its economic diversification and its continued evolution into the world’s leading leisure and business tourism destination.”
Adelson said that over the next two years, the company plans to increase its total investment to over US$15 billion. He said the investments would include the addition of about 600 luxury suites to its Londoner and Four Seasons properties.
‘Optimistic despite COVID-19’
Adelson thanked the company’s 29,000 team members for their “hard work and dedication”, adding that the outbreak of the novel coronavirus (COVID-19) last month “naturally shifted our near-term priorities to focus directly on the health and safety of our team members and guests.”
The octogenarian gaming mogul insisted that “despite the current impact of the COVID-19 coronavirus, we look to the future with confidence.”