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NEWS 25 July 2019

Las Vegas Sands Q2 revenue up; Adelson updates on Japan

By Matthew Enderby

Las Vegas Sands reported consolidated net revenue of $3.3bn for the second quarter of the year, an increase of 0.9% year-on-year.

Operating income rose 12% to $894m, while net income was $1.1bn, up 64%.

Q2 income included a gain of $556m for the operator, made from the sale of its Sands Bethlehem venue to Wind Creek Hospitality.

Sands reported adjusted property EBITDA of $1.27bn, an increase of 3%.

Las Vegas Sands’ subsidiary, Sands China, increased its net revenue by 1% to $2.1bn in the quarter, making up 63% of overall group revenue. It generated net income of $511m, up 19%.

Sheldon Adelson, Chairman and CEO of Las Vegas Sands, said: “We remain enthusiastic about our future growth opportunities in Asia, which will be enhanced through the introduction of our Four Seasons Tower Suites Macao later this year, the Londoner Macao throughout 2020 and 2021 and the expansion of Marina Bay Sands in Singapore thereafter.”

Adelson added Sands is aggressively pursuing development opportunities in Osaka, Japan, where regulation on integrated resorts is firming up.

The target of launching casinos in the country in time for the Tokyo Olympic Games in 2020 will not be achieved, but a new deadline, the World Expo in 2025, is now in sights.

RELATED TAGS: Land-Based | Industry | Financial | Casino
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