Las Vegas Sands reports Q1 2023 results

Las Vegas Sands, one of the world’s leading operators of integrated resorts, has reported its financial results for the quarter ended March 31, 2023.

“While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, a robust recovery in travel and tourism spending across our markets is now under way,” said Robert G Goldstein, chairman and CEO. 

“We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead. 

“In Singapore, we were pleased to see the ongoing recovery at Marina Bay Sands progress during the quarter, with the property again delivering outstanding levels of performance in both mass gaming and tenant sales. 

“We remain energised by the opportunity to introduce our new suite product to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.

“In Macau, we were pleased to see the ongoing recovery now under way in all gaming and non-gaming segments accelerate during the quarter.

“We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macau’s tourism appeal to travellers from throughout the region, including 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 centre of business and leisure tourism positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds.

“Looking ahead, our resolute commitment to making industry-leading investments in our team members, our communities and our market-leading integrated resort property portfolio positions us exceptionally well to deliver strong growth in the years ahead. 

“Our financial strength supports our ongoing investment and capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”

Net revenue was $2.12bn, compared to $943m in the prior year quarter. Operating income was $378m, compared to an operating loss of $302m in the prior year quarter. 

Net income from continuing operations in the first quarter of 2023 was $145m, compared to a net loss from continuing operations of $478m in the first quarter of 2022.

Consolidated adjusted property EBITDA was $792m, compared to $110m in the prior year quarter.