Las Vegas Sands reports mass Q1 gaming revenue of $1bn for Macau properties
Las Vegas Sands has reported financial results for the quarter ending March 2023. After a successful quarter, the company’s Chairman and CEO, Robert G. Goldstein says Sands “remains enthusiastic” about tourism to both its Singapore and Macau locations in the years to come.
Sands’ net revenue was $2.12bn, up from $943m in Q4 of 2022. Operating income reached $378m, while the previous quarter saw an operating loss of $302m. Net income from continuing operations in Q1 2023 also increased 130% year-on-year. Consolidated adjusted property EBITDA was $792m.
Sands saw mass gaming revenue at Marina Bay Sands achieve an ‘all-time property record’ of $549m, up 15% from the fourth quarter of last year.
Mass gaming revenue in the portfolio of Macau properties reached $1bn for the first time since 2019, while adjusted property EBITDA reached $398m.
Las Vegas Sands’ Q1 results also prompted a small rise in share price, with its stock currently trading at $59.36, 3% up week-on-week.
Goldstein said: “In Singapore, we were pleased to see the ongoing recovery at Marina Bay Sands. We remain energised by the opportunity to introduce our new suite product to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.”
He added about Sands’ Macau properties: “We were pleased to see the ongoing recovery in all gaming and non-gaming segments accelerate during the quarter.
“Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth.”
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
