Las Vegas Sands posts $1.62bn Macau in Q2 net revenue – when will it reach full recovery?

Sands has seen its Macau operations recover significantly from the doldrums of Q2 2022, increasing by 333% since Q2 last year.

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Las Vegas Sands has posted its Q2 financial report, showing that the gambling behemoth’s net revenue totalled $2.54bn – a full $1.5bn more than it made in the same period in 2022.

The highlights:

Sands’ casino revenue rose by $1.1bn annually, totalling $1.86bn The $2.54bn net revenue is still behind the $3.3bn recorded in Q2 2019 Marina Bay Sands in Singapore made a whopping $925m in net revenue for the quarter Sands’ largest Macau property, The Venetian, made $653m Its Macau operations have risen 333% annually

In its Q2 revenue report, Sands posted financial figures that showcase the recovery of casinos in Asia post-Covid and after the Chinese Government abandoned its zero-Covid policy in January. 

The $2.54bn reported by Sands represents a 141% increase on Q2 2022, with Marina Bay Sands in Singapore making the single biggest contribution to this with a mammoth net revenue of $925m.

The increase in Sands’ net revenue is the polar opposite of Q2 2021 and Q2 2022, which saw its net revenue drop from $1.17bn to $1.04bn.

As for Sands’ other properties – of which it no longer has any in the US, although it is vying to gain one of New York’s three up-and-coming casino licences – the graph below details the net revenue breakdown of each, including the aforementioned Marina Bay Sands.

The adjusted property EBITDA for Q2 totalled $973m, $181m higher than in Q1 2023. The breakdown of this for each property can be found in the graph below, which again shows that Marina Bay Sands is the property to beat in Asia, posting $432m.

Focusing on Macau, Sands operations in the Chinese gambling province totalled $1.62bn, a huge 333% increase on last year’s $374m – which was due to the persistent Covid lockdowns in the region severely affecting footfall and international travel to Macau.

Marina Bay Sands is the crown jewel in Sands’ property crown, as the gigantic building dominates the Singapore skyline, while its performance has kept Sands’ business pushing forwards through Macau’s extended Covid problems – posting $925m in revenue against Q2 2022’s $679m.

For H1 2023, Sands made $4.66bn in net revenue, a 134% increase on H1 2022. However, for H1 its Macau operations have seen the biggest rise by far, posting $2.9bn in net revenue against $925 for the same period last year.

Finally, since January, Sands’ stock price has held steady – increasing from $49.33 to a high of $64.86 in May, before falling to $58.59 in July (all prices taken from the first fiscal day of each calendar month). At the time of writing, the share price is $58.90.


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