Las Vegas Sands net revenue up 41% in first quarter of 2017
Global casino operator Las Vegas Sands has reported a 41.3% increase in its net income for the first quarter of 2017.
The firm which owns casino resorts in Macau, Singapore and Las Vegas received net income of $578m compared to $409m for the same period in 2016.
It attributes this success to stronger performance across the company’s property portfolio, partially offset by expenditure incurred due to the opening of The Parisian Macau resort in September 2016.
The companies operating income grew from $586m in the first quarter of 2016 to $763m for Q1 2017, a rise of 30.2%.
Net revenue increased by 14.3% to $3.1bn in Q1 2017, compared to $2.72bn for the same period in 2016.
Overall total net revenues for Sands China increased 15.3% to $1.9bn in the quarter, while net income increased 11.9% to $349m.
The Sands Cotai Central received net revenue of $467m in Q1 2017, with the Sands Macau resort’s net revenue increasing 4.0% from $175m to $182m for the same period.
The Four Seasons Hotel Macau and Plaza Casino generated net revenue of $143m while The Parisian Macau, which opened in September 2016 reported first quarter net revenue figures of $318m.
Chairman and CEO Sheldon Adelson welcomed the results saying: “We are pleased to have continued to execute our strategic objectives during the quarter and to have delivered a strong operating performance in each of our markets.”
“Looking ahead we remain focused on the execution of our proven global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. We remain confident in our ability to bring the economic benefits of our proven business model to promising new markets around the world as they emerge and develop in the future.”
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