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Edited by 977Iti at 22-12-2023 10:51 AM
Sands China's third-quarter net profit reached $230 million, with its retail business performing well beyond pre-pandemic levels.
Sands China (1928) released its third-quarter financial report. During this period, the company's net income reached a total of $1.78 billion, a 6.1-fold increase compared to the previous year. Net revenue was $231 million, as opposed to a loss of $472 million in the same period last year. Robert G. Goldstein, Chairman of Las Vegas Sands Group, stated that the financial strength of our parent company supports ongoing investment and capital expenditure projects in Macau and Singapore. He believes that the profitability of Londoner will surpass that of The Venetian, and he pointed out that the retail business in Macau has already exceeded pre-pandemic levels. He expects the sports betting business to progress faster in Singapore next year.
Sands China's property EBITDA for the third quarter, adjusted for operations, amounted to $631 million, showing significant growth compared to the $152 million loss during the same period last year. Goldstein pointed out that Sands China achieved the highest margin in non-rolling table games, rolling table games, and electronic table games.
Goldstein stated that the group firmly believes that gaming revenue in Macau can grow to $30-40 billion or even more, possibly ahead of expected timelines. The group has already invested $15 billion in Macau and regards it as the world's most important land-based market.
Patrick Dumont, President and COO of Las Vegas Sands, expressed that with continuous revenue growth, the group is expected to achieve a profit margin exceeding 36% from 2019. The Venetian's EBITDA has risen to $290 million, with a profit margin of 40.1%. This serves as an exemplary case of a property achieving robust recovery earnings, with financial performance and profit margins reflecting improvements in the business portfolio. |
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Post time 24-10-2023 13:06:32