Las Vegas Sands reports $2.12bn in net revenue for Q1 of 2023
After experiencing both a net loss and operating loss in Q1 of last year, Sands’ outlook on tourism and growth is positive.
Las Vegas Sands has reported its financial results for the first quarter of 2023. The company highlighted a “robust recovery” in travel and tourism spending related to its Macau and Singapore locations, among other financial growth.
Sands’ properties include: Marina Bay Sands in Singapore, The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The Parisian Macao and Sands Macao (the latter through majority ownership in Sands China Ltd).
Marina Bay Sands saw mass gaming revenue reach what the company is calling an ‘all-time property record’ of $549m, up from $477m in the fourth quarter of last year.
Robert G. Goldstein, Sands Chairman and CEO said, “In Singapore, we were pleased to see the ongoing recovery at Marina Bay Sands, with the property again delivering outstanding levels of performance in both mass gaming and tenant sales.”
Mass Gaming revenue in the portfolio of Macau properties reached $1bn for the first time since 2019, while adjusted property EBITDA reached $398m.
Goldstein said of that area, “Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau, and support its development as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth.”
Sands’ net revenue was $2.12bn, up 125% from the prior year’s last quarter. The company’s operating income was $378m, while the last quarter of 2022 saw an operating loss of $302m. Net income from 2023 first quarter continuing operations also rose 130% year-over-year. Consolidated adjusted property EBITDA was $792m.
Las Vegas Sands’ Q1 results prompted a small rise in share price, with its stock currently trading at $59.36, 3% up week-on-week.
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