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Las Vegas Sands Q4 revenue hits $2.92bn; still behind pre-Covid levels

The difference between 2019 and 2023 revenue was a 16.9% fall.

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Las Vegas Sands has reported its earnings for Q4 2023. The operator reported $2.92bn in revenue this quarter, up 161% year-on-year. However, revenue has still not reached pre-Covid levels, down 16.9% from Q4 2019. 

Of the revenue generated this quarter, $1.06bn was naturally accumulated by the company's Singapore operation, Marina Bay Sands. This represented growth of 55.6% from this time last year and 24.4% more than what was reported in the same quarter in 2019, indicating that despite recovery not being complete across all operations, business in Singapore has been able to maintain steady development. 

Macau operations, meanwhile, are still down from 2019, with revenue generated by the company's five casino resorts and other ventures totalling $1.86bn. While this reflects an increase of 319.6% from Q4 2022, it is still 16.9% less than Q4 2019. 

Of Sands’ Macau operations, it was The Venetian Macau that made the biggest financial contribution at $748m. This is followed by The Londoner Macau and The Parisian Macau, which generated $589m and $222m, respectively.  

While the gap between 2019 and 2023 in net revenue was 16.9%, adjusted property EBITDA was closer in comparison. Adjusted property EBITDA across all properties in Q4 2023 came to $1.2bn, compared to the $1.39bn in Q4 2019. This is a decrease of 13.7%, suggesting that this metric may be the first to recover to pre-Covid levels rather than net revenue. 

Despite Sands not making more than 2019, the growth from last year, revenue from Singapore and slow closing of the Macau revenue gap from 2019 indicate recovery of the gaming market across Asia. In Q3, MGM China reported its revenue to now be above pre-Covid levels, earning 10% more in Q3 2023 than it did in Q3 2019.  

Moreover, the Gaming Inspection and Coordination Bureau of Macau reported that Macau generated MOP$183.1bn (US$22.7bn) in 2023. While this is 37.4% less than 2019, it was an increase of 334% from 2022, reflecting a growth trajectory with revenue likely to hit or even exceed pre-Covid levels in the coming years.

Finally, growth in other Asian territories like the Philippines shows that the gambling market in Asia is still going strong, with The Philippine Amusement and Gaming Corporation (PAGCOR) reporting that the nation made Php285.27bn ($5.09bn) in 2023 – a record high and year-on-year growth of 33.1%. 

All this, combined with the first Japanese casino resort in Osaka and the Mohegan Inspire receiving its five-star hotel rating, shows a bright future for Asian gaming; even if we are not quite seeing it in its optimum form just yet.


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