Las Vegas Sands Revenue At All Time High in Q1 of 2018

Las Vegas Sands Revenue At All Time High in Q1 of 2018Las Vegas Sands Corp has just enjoyed its best ever start to the year, with its first quarter revenue hitting $3.58 billion, marking a 16.7% year-over-year increase, with the company’s net income also shooting up by a massive 179.1% to $1.62 billion compared to the $579 million collected a year ago period.
Furthermore, the world’s largest casino company, reported record revenues in all three of the major markets where it operates, and commenting upon the phenomenal results, CEO Sheldon Adelson praised the gaming giant’s performance, stating:
“The power of our unique convention-based Integrated Resort business model was once again on display during the quarter, with record quarterly financial results achieved in Macao, Singapore and Las Vegas. We also continued to invest in growth initiatives in each of our markets while returning excess capital to shareholders.”
Las Vegas
The company’s properties in Las Vegas, the Venetian and Palazzo, earned record revenues of $141 million in Q1, with that figure 15.6 % higher versus the same quarter last year. The numbers were lifted by a 94% room occupancy rate, and record hotel room revenues. Also contributing to its performance was a stronger then expected baccarat play during the first three months of 2018. Sands President Rob Goldstein subsequently praised the operation’s record breaking quarter, stating:
“I’ve been here since the open and that’s the best quarter in history so we’re doing something very right. To make $140 million in Las Vegas for a quarter without doing something lucky, that’s pretty exceptional results.”
Las Vegas Sands owns the Marina Bay Sands in Singapore, with the property generating an adjusted EBITDA of $541 million in Q1, up by 48.6% from a year ago. Casino revenue from the $8 billion integrated resort’s 500 table games and 1,600 slot machines also rose by 32.5% year-over-year to $652 million, with overall revenue for the 2,561-roomed venue higher by 26.4% at $872 million.
Sands China Ltd, a subsidiary of Las Vegas Sands Corp, benefited greatly from a surge in gambling activity in the world’s biggest gambling hub, with its total net revenue soaring by 17.4% to $2.16 billion, and its net income spiking by 59.1% to $557 million in the first quarter.
The firm owns five main properties in Macau, namely The Venetian Macao, Sands Macao, The Plaza Macao, Sands Cotai Central, and The Parisian Macao, which together accounted for $1.71 billion in casino revenue, up 18.8% year-on-year, with revenue at the Venetian Macao up by 20.1% to $716 million, but the Sands Macao bucking the overall trend after its casino revenue fell by 13.4%.
In addition to top class accommodation and gambling facilities, Sands offers its guests a wide array of different entertainment, shopping, spas and other attractions, which continue to draw in Chinese visitors, as well as travelers from all across the globe. Sands President Rob Goldstein subsequently noted that the company’s resorts on the island were attracting lifestyle-driven tourists in greater numbers, with younger people bringing their families staying as long as four nights.
“They want to see Bruno Mars or whoever the star is that weekend, they want to shop at the stores, they want to go to the spa and they like to gamble. It’s quite a great combination. So they stay longer, they gamble more and have more time to spend in our shops,” stated Goldstein.
Moreover, Sands China properties are set to benefit further this summer after the $15.9 billion Hong Kong–Zhuhai–Macau Bridge connecting three major cities on the Pearl River Delta opens to vehicular traffic.
Continuing Expansion
In a conference call following the Q1 results, Las Vegas Sands chairman Sheldon Adelson highlighted some of the important developments that his company is currently involved in, which should help propel its business to further heights going forward. This includes investing $1.1 billion revamping its Macau properties over the next three years, $700 million of which will be spent rebranding the Sands Cotai Central into The Londoner Macao. Adelson also signaled an interest in expanding operations to South Korea and Japan.

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