Las Vegas Sands Q3 revenue drops 4%
Las Vegas Sands generated net revenue of $3.3bn for Q3, a decrease of 4% year-on-year.
Both operating income and net income fell for the operator, dropping 3% to $899m and 4% to $669m, respectively.
Consolidated adjusted property EBITDA was $1.3bn, which Sands described as being consistent with the prior year’s quarter.
On a hold-normalised basis, consolidated adjusted property EBITDA dropped 3% to $1.3bn.
Sands amended and restated its Singapore credit facility during Q3 to provide financing for its expansion project at Marina Bay Sands.
The operator also issued $3.5bn in senior unsecured notes and repaid the outstanding borrowings under the US credit facility.
Total net revenue for Sands China dropped 2% year-on-year to $2.1bn, while net income remained flat at $454m.
After dropping from a price of $65.20 to $51.40 in August, Sands’ shares rose in value during Q3 and sat at $57.80 at the end of the period.
Sands’ share price is currently $59.20.
Sheldon Adelson, Las Vegas Sands Chairman and CEO, said: “We remain enthusiastic about our future growth opportunities in Asia.
“The expansion of Marina Bay Sands in Singapore will expand our suite capacity by 40% and introduce a state-of-the-art entertainment arena, both of which should contribute to growth in the future.
“We are also aggressively pursuing additional development opportunities in new markets, including in Japan.”
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