Las Vegas Sands reported consolidated Adjusted EBITDA of US$1.12 billion for the three months to 30 September 2023, as revenues at its Macau integrated resorts continue their strong recovery momentum.
The 3Q23 EBITDA result was up 487% year-on-year and 15.1% quarter-on-quarter, while net revenue for the period of US$2.8 billion was 178% higher year-on-year and 10.2% higher than the June 2023 quarter.
Net income of US$449 million was also 22.0% higher than the June quarter.
In Macau, net revenues for Sands China Ltd reached US$1.78 billion – up from US$251 million a year earlier – with The Venetian Macao leading the way at US$723 million, closely followed by The Londoner Macao at US$518 million.
Adjusted Property EBITDA of US$631 million reversed a US$152 million loss in the same period last year and improved on the US$541 million reported in Q2.
In Singapore, net revenues climbed by 34.3% year-on-year and 9.7% sequentially to US$1.02 billion with Adjusted Property EBITDA of US$491 million – also improved from US$432 million in the June quarter.
“We were pleased to see the recovery in travel and tourism spending in both Macau and Singapore progress during the quarter,” said LVS Chairman and CEO, Robert Goldstein. “We remain deeply enthusiastic about our opportunities for growth in both markets in the years ahead.
“In Macau, we were pleased to see the recovery in both gaming and non-gaming segments progress during the quarter. We remain 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 the recovery in travel and tourism spending proceeds.
“In Singapore, Marina Bay Sands again delivered outstanding levels of financial and operating performance. Our new suite product and elevated service offerings position us to deliver future growth as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.”
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