Las Vegas Sands reports $2.12bn in net revenue for Q1 of 2023

April 20, 2023
By
Leer en Español

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.

State-by-State

Product Spotlight

Konami

Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.
GA HUDDLE #087

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!
GA HUDDLE #086

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

Five years ago, before the mass proliferation of social media we see today – and even before the Covid-19 pandemic – I think you would be hard pressed to find a CEO talking about “Instagrammable moments.” KPIs w...

gga
The Global Gaming Awards: Looking ahead to 2024's ceremonies.
After more than a decade of celebrating gaming's best, Gaming America looks ahead to a bright 2024 for the Global Gaming Awards in the Americas and Asia-Pacific.
GA
From the top: The Indian Gaming Tradeshow & Convention
Tribal gaming is a uniquely American institution and all its uncommon attributes were on display this April at the Indian Gaming Tradeshow & Convention in Anaheim, California.
terre
Review: Terre Haute Casino Resort and Harrah's Hoosier Park Racing & Casino
Terre Haute Casino Resort vs. Harrah's Hoosier Park Racing & Casino, Gaming America's Laura Mack reviews each property.
andrew
Eureka Casino interview: CEO Andre Carrier on resort expansion
We spoke with returning guest, CEO Andre Carrier, about Eureka Casino Resort's expansion. He aims to not only change the look and feel of the casino, but to also build residential housing around it.