Las Vegas Sands Generates $3.14Bn in Q2August 8, 2017 3:21 pm
As befitting its position as the world’s biggest gambling company, Las Vegas Sands generated a massive $3.14 billion in revenue for the second quarter of 2017, representing an 18.6 percent improvement over the $2.65 billion collected in the same quarter last year. From that total, the company’s net income soared by 62 percent to $638 million versus the $394 million taken in Q2 a year ago.
Helping the company reach its impressive result was the Asian side of its business, and especially its six casinos located in Macau, which benefitted from 12 straight months of revenue growth following two-years of languishing in the doldrums. As a result, Las Vegas Sands reported a 23 percent revenue increase to $1.82 during the quarter versus Q2 of 2016’s tally of $1.48 billion. Commenting on the positive trend, Sands CEO Sheldon Adelson, stated:
“The Macau market is growing and its growth rate has been accelerating for four consecutive quarters. At the same time, the significant new supply that has been added since 2015, amounted to more than 8,000 hotel rooms and more than US$13 billion of additional invested capital, has successfully been absorbed by the market.”
Elsewhere in Asia, the Marina Bay Sands in Singapore, one of only two casino resorts based on the island-state, posted an equally solid 17.7 percent increase in its quarterly revenue to $836 million.
Closer to home, the three properties owned by Las Vegas Sands in Nevada, The Palazzo, The Venetian Las Vegas, and the Sands Expo and Convention Center, noted an 8 percent year-over-year uptick in their revenue to $384 million. Meanwhile, Sands Bethlehem in Pennsylvania saw its second quarterly revenue mostly unchanged at $147 million, which largely reflects the current state of the Pennsylvania gambling market, which has been virtually flat in recent times. In fact, Pennsylvania casinos generated revenue of $3.2 billion in fiscal 2016/17, marking a 1 percent decline compared to the previous financial year.