In the latest financial report, Sands China has demonstrated robust growth in net revenues and Adjusted EBITDA for the first quarter of 2024, although facing some challenges compared to the previous quarter.
Financial Performance Overview
Sands China reported a significant increase in net revenues, reaching US$1.81 billion for the first quarter of 2024, marking a substantial 42% rise compared to the same period last year. However, when juxtaposed with the fourth quarter of 2023, these revenues experienced a modest decline of nearly 3%. Adjusted EBITDA followed a similar trajectory, climbing by 53% year-on-year to US$610 million but sliding by 7% from the previous quarter. Despite these fluctuations, net income soared to US$297 million, reversing a US$10 million loss in the first quarter of 2023.
Macau Operations
The Venetian Macao, Sands China’s flagship property, witnessed a quarter-on-quarter increase in net revenues, reaching US$771 million compared to US$748 million in the preceding quarter. Conversely, The Londoner Macao, The Plaza, and Sands Macao experienced slight declines, partly attributed to ongoing renovations at Sheraton Grand Macao.
Singapore Operations (Marina Bay Sands)
Marina Bay Sands (MBS) in Singapore achieved record Adjusted EBITDA of US$597 million, a 10% increase from the previous record set in the fourth quarter of 2023. This exceptional performance was bolstered by favorable rolling play hold, providing a US$77 million benefit. Net revenue at MBS rose to US$1.16 billion, reflecting a 42% year-on-year increase and a 9% quarter-on-quarter growth.
Group-wide Performance
On a consolidated level, Las Vegas Sands (LVS) reported group-wide net revenues of US$2.96 billion, showing a 1.5% increase from the previous quarter. Net income for the group amounted to US$583 million, with consolidated Adjusted Property EBITDA slightly surpassing the figures reported in the fourth quarter of 2023, totaling US$1.21 billion.
Executive Insights
Robert Goldstein, Chairman and CEO of LVS, expressed satisfaction with the company’s financial and operational results, emphasizing strong growth in both Macau and Singapore. He highlighted the ongoing recovery in Macau and the sustained record-breaking performance of Marina Bay Sands in Singapore. Goldstein underscored LVS’s enduring commitment to investing in Macau’s tourism infrastructure, positioning the company favorably for future growth as global travel and tourism recover.
Sands China’s first-quarter performance underscores the resilience and adaptability of its business model, despite facing fluctuations in quarterly results. The robust growth in net revenues and Adjusted EBITDA, particularly in Singapore, signals a promising trajectory for Sands China and its parent company, Las Vegas Sands, as they navigate evolving market conditions in the Asia-Pacific region.