Sands China steers Las Vegas Sands Q2 growth

Las Vegas Sands has reported net revenue of $2.54bn, up from $1.05bn in the prior year quarter, with Sands China’s performance steering the growth.

Sands China’s total net revenues increased to $1.62bn compared with $368m in the second quarter of 2022. Net income for SCL was $187m, compared to a net loss of $422m for Q2 2022. Overall net income from continuing operations was $368m, climbing from a net loss of $414m in Q2 last year.

The group said consolidated adjusted property EBITDA reached $973m, its strongest financial performance since before the pandemic in 2019 and up from $209m in the prior year quarter.

Robert G. Goldstein, chairman and chief executive officer of Las Vegas Sands, said “robust recovery in travel and tourism spending” helped the group’s results.

Macau adjusted property EBITDA reached $541m, while Marina Bay Sands’ adjusted property EBITDA hit $432m. The results mean Las Vegas Sands has resumed its return of capital, reinstating its quarterly dividend at $0.20 per share.

Goldstein added: “In Singapore, Marina Bay Sands again delivered outstanding levels of performance in all segments, with mass gaming revenue reaching another record result.

“In Macau, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments progress 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 to foreign visitors to Macau.”