Las Vegas Sands has reported its financial figures for the first quarter of 2024. In total, net revenue came to $2.96bn, up 39.6% year-on-year. Net income came to $583m, growing a sizeable 302.1%.
Consolidated adjusted property EBITDA totaled $1.21bn.
Of its reported net revenue, $1.81bn, or 61.1%, was generated by Sands’ Macau operations, while the remainder was made by Marina Bay Sands and other intercompany royalties.
However, the largest growth rate in terms of net revenue came from The Londoner Macao, which saw growth from $283m to $562m, or 98.6%.
Marina Bay Sands
The largest single-revenue generator among Sands’ casinos is Marina Bay Sands in Singapore. Alone, Marina Bay Sands made $1.16bn in net revenue for Q1 2024, up 36.6%. Of this net revenue, 74.2% was generated by casino operations, while the remaining 25.8% came from additional property amenities.
Adjusted property EBITDA was $597m, up 51.5% year-on-year.
Table game win per unit per day was up 56.8% to $17,597, in part a reflection of the recovering post-Covid market and in part due to Marina Bay Sands losing nine table games compared to this time last year.
Slot games, meanwhile, remained notably stagnant, with slot game win per unit per day up by only $2 (0.2%), despite the implementation of an additional 42 slot machines.
The Venetian Macao
The Venetian Macao reported net revenue of $771m and adjusted property EBITDA of $314m in Q1 2024, up 38.2% and 49.5% respectively in these metrics. Of this net revenue, $638m was generated by the casino, while the remaining amount was made by rooms, food and beverage and other amenities at the property.
Similarly to Marina Bay Sands, table game win per day per unit also shot up year-on-year, up 27.1% to $10,901. However, The Venetian also saw its number of table games grow by an average of 63 (10.1%).
Slot machine win was also up per unit per day, from $373 in Q1 2023 to $435 in Q1 2024. The number of average slot machines also grew, from 1,383 to 1,467.
The Londoner Macao
At the Londoner Macao, trends seen at both Marina Bay Sands and The Venetian Macao continue. At $562m, net revenue at the venue was up 98.6% (inches away from triple-figure growth rate) year-on-year, while adjusted property EBITDA sat at $172m, up 207.1% from last year’s $56m – the highest adjusted property EBITDA rate across all of Sands’ casinos this quarter.
Table game win per unit also nearly doubled, from last year’s $5,378 to this year’s $10,671. This is despite a relatively stagnant number of table games at the casino, with an average growth of only four table games.
Efforts seem to have been diverted towards slot games, with the average number growing by 342 (30.4%) for a total of 1,467. This is reflected in the casino's daily slot win per unit, which was up 50.5% year-on-year for a total win of $483.
When speaking with Aruze SVP of International Operations Betty Zhao for the Asia Focus edition of Gambling Insider magazine, she pointed out Macau casino’s need to diversify slot offerings, much like the model seen in the US.
She said, “In terms of slot games, there are relatively few dominating Macau’s casino floor... As Macau is encouraging concession years, to approach more international players, we need to have more diversified games and new games on the casino floor to attract international customers to Macau.”
The Parisian Macao
The rate of growth begins to slow as we inspect Sands’ three smallest net revenue generators. Net revenue was up 32.2% for a total of $230m while adjusted property EBITDA was up 54.3% for a total of $71m at the Parisian Macao.
The property reduced its average number of slot machines by 86, 9% year-on-year, and as such saw its daily slot game win per unit grow 43.4% to $383. The average number of table games grew by 10 to 279 yet saw average unit win growth of 26.6%.
The Plaza Macao and Four Seasons Macao
The Plaza Macao and Four Seasons Macao are the only properties to report a decline in net revenue year-on-year, falling 17.4% to a total of $142m. Adjusted property EDITDA fell even more dramatically, declining 52% from $75m to $36m.
The average number of both table games and slot machines declined year-on-year, with table games down from 123 to 93 and slot machines down from 105 to 22 – a drop of 79%. This may be due to declining revenue from these machines, with daily win per unit down 75.1%, though growth was still reported in daily table game win.
Sands Macao
Finally, we have Sands Macao, where net revenue remained fairly stagnant, up just $2m year-on-year for a total of $76m. Adjusted property EBITDA also grew by $2m, from $10m in Q1 2023 to $12m in Q1 2024.
Like several other Sands properties, the average number of table games and slot machines declined, increasing daily win per unit.
