Sands China Ltd. bounces back to profit in 2Q23

Macau-based integrated resorts developer Sands China Ltd. has yielded a profit of USD 187M for 2Q23, ending a period of loss of almost 4 years.

Original story by Ben Blaschke for  Inside Asia Gaming

Sands China Ltd returned to profit for the first time in three-and-a-half years in 2Q23, with the company reporting net income of US$187 million – reversing a US$422 million loss a year earlier and a US$10 million loss in the March 2023 quarter.

According to information published by parent company Las Vegas Sands (LVS) early Thursday morning (Asia time), total net revenues in Q2 at Sands China’s Macau properties climbed to US$1.62 billion, up from US$368 million in 2Q22 and US$1.27 billion in 1Q23, with Adjusted EBITDA from Macau operations reaching US$541 million versus US$398 million in Q1 and an EBITDA loss of US$110 million a year earlier.

By property, The Venetian Macao saw net revenues more than quadruple year-on-year to US$653 million, The Londoner Macao generated US$402 million and The Parisian US$239 million versus US$42 million in 2Q22. The Plaza Macao also saw strong growth, with net revenues of US$223 million, while Sands Macao generated US$84 million.

“We were pleased to see the robust recovery in travel and tourism spending underway in both Macao and Singapore progress during the quarter,” said Chairman and CEO Rob Goldstein.

“We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout the remainder of 2023 and in the years ahead.

“In Macau, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments progress during the quarter. We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macau’s tourism appeal to travelers from throughout the region, including to foreign visitors to Macau.

“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 as visitation to the market increases and the recovery in travel and tourism spending proceeds.”

To learn more about the implications of the bounce-back of Sands China Ltd. from Rob Goldstein read the original Inside Asian Gaming story here:

https://www.asgam.com/index.php/2023/07/20/sands-china-back-into-profit-in-2q23-on-macau-rebound-as-parent-las-vegas-sands-resumes-dividend-payments/ https://www.asgam.com/index.php/2023/07/20/sands-china-back-into-profit-in-2q23-on-macau-rebound-as-parent-las-vegas-sands-resumes-dividend-payments/ 

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