It seems that the Sands China has definitely recovered from the lows experienced during the pandemic years as the casino giant registered a $1.78 billion revenue in the third quarter of 2023. When compared to the $251 million level reached over the same period in 2022, the Q3 2023 recovery assumptions are turning into facts, getting additional support from the net income soaring to the $231 million level versus the same quarter of 2022 when the company’s operations bottomed to record a $472 million loss, Asia Gaming Brief reports.
$631 Million EBITDA:
The same source reports that the company’s overall property EBITDA followed the trend to hit $631 million and get back from the $152 million low sustained in the Q3 2022. Such a results is the aggregation of the performance of each Sands China property and included the revenue from casino and hospitality operations. As reported, the Venetian, Londoner, and Parisian resorts made different contributions to the group’s performance in the third quarter of 2023.
The Venetian property’s casino operations were strong with the $953 million handle used to generate $575 million in revenues and the adjusted property EBITDA of $290 million, according to the source. Over the same period, hotel occupancy was reportedly as high as 98 percent.
The Londoner Performance:
The Londoner resort had a $97 million better hospitality performance than The Venetian but generated $371 million in casino revenue. Adjusted property EBITDA proportionally reached $167 million based on the $1.56 billion handle which represents more than 1,300 % increase over the Q3 2022.
The Parisian casino resort ended the quarter with the $181 million casino revenue and the $37 million generated from the accommodation facilities having seen the 97 % occupancy rate. Adjusted property EBITDA was $81 million, while the $277 million handle represents a steep rise from the $26 million experienced in Q3 2022.
Full Recovery From Pandemic Years:
The Sands’ peninsula property reportedly made a modest $75 million contribution to the group’s revenue pool in the Q3 2023, with adjusted property EBITDA of only $17 million. At the same time, The Venetian, Londoner, and the Parisian stood for contributions of 32%, 38%, and 10%, respectively, of the overall Sands China revenues generated in Macau in the third quarter of 2023.
Commenting on the results, LVS Chairman Robert Goldstein reportedly said: “Macao delivered US$631 million in EBITDA for the quarter, and we are only eight months into the post-COVID re-opening. These are early days. We look forward to growth in both gaming and non-gaming revenue, which will lift the entire market.”
Expecting Market Growth
Goldstein reportedly believes that the Macau market can grow to $40 billion GGR and beyond. The executive reportedly also believes that such a market growth “may very well happen in a shorter timetable than anyone realizes”. The executive added that Macau “is the most important land-based market in the world” and noted that he expects the “gaming portion of our business to follow the same trajectory as Singapore and accelerate in 2024,” as AGB reports.
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