Sands’ Q3 results show Asia recovery continues

Sands’ newly released Q3 figures show a continued recovery in travel and tourism spending in both Macau and Singapore, according to the company.

Net revenue for the company was US$2.80bn, compared to $1.01bn in the prior year quarter. Operating income was $688m, compared to an operating loss of $177m in the prior year quarter.

Net income from continuing operations in the third quarter of 2023 was $449m, compared to a net loss from continuing operations of $380m in the third quarter of 2022.

Consolidated adjusted property EBITDA was $1.12bn, compared to $191m in the prior year quarter.

“We were pleased to see the recovery in travel and tourism spending in both Macao and Singapore progress during the quarter. We remain deeply enthusiastic about our opportunities for growth in both markets in the years ahead,” said Robert G Goldstein, chairman and chief executive officer.

“In Macao, we were pleased to see the recovery in both gaming and non-gaming segments progress during the quarter. We remain enthusiastic about the opportunity to continue our investments to enhance Macao’s tourism appeal to travellers from throughout the region, including to foreign visitors to Macao.

“Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world centre of business and leisure tourism positions us exceedingly well to deliver strong growth as the recovery in travel and tourism spending proceeds.

“In Singapore, Marina Bay Sands again delivered outstanding levels of financial and operating performance.  Our new suite product and elevated service offerings position us to deliver future growth as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.”