“Robust growth in Macau” sees Las Vegas Sands’ revenue reach $3.3bn
Thanks to its success in Macau, the Las Vegas Sands Corporation has seen its net revenue increase 6.2% year-on-year during the Q2 period to $3.3bn.
Net income for the US operator was also up 5.8% to $676m in Q2, compared to $639m during the same period in 2017.
Macau-based properties were up across the board; every Sand’s property in the region delivered growth, leading to a 25% increased consolidated property EBITDA totalling $750m.
Sheldon G. Adelson, Chairman and CEO of Las Vegas Sands, said: “We are pleased to have delivered strong financial results in the quarter, led by robust growth in Macau.”
The strong performance in Macau led to an overall consolidated adjusted property EBITDA increase of 1.4% year-on-year to $1.23bn during Q2. However, the Sands’ Las Vegas operating properties saw their EBITDA decrease 2.5% to $77m.
Adelson added: “While lower rolling chip volume and win percentage compared to the year ago quarter impacted our results at Marina Bay Sands in Singapore, the power of our unique convention-based Integrated Resort business model remains evident in our financial performance, with Singapore delivering $368m of adjusted property EBITDA and Las Vegas performing well despite lower than expected hold on table games play.
“We also continue to invest in growth initiatives in each of our markets while returning excess capital to shareholders through dividends and share repurchases.”
Sands paid quarterly dividends of $0.75 per share as well as repurchasing $100m of common stock, acquiring 1.3 million shares at an average price of $79.76.
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