Las Vegas Sands (LVS) has announced that Sands China reported a 2.5% quarter-on-quarter increase in net revenues for the second quarter of this year, totaling US$1.8 billion. However, net income fell by 13% in the period to US$214 million, compared to US$246 million in the same period last year. Adjusted property EBITDA was US$566 million, slightly up from US$561 million a year earlier.
LVS Chairman and CEO Robert G. Goldstein mentioned that as the group benefits from recent capital investments in Macau and Singapore, they anticipate leading growth opportunities in both markets. Over the decades in Macau, the group has committed to enhancing its attractiveness for business and leisure tourism, supporting its development into a global hub for these sectors, which positions them favorably for future growth. He also noted that the group’s financial strength and leading cash flow continue to support investments and capital expenditure projects in Macau and Singapore.
In the second quarter, the group’s total capital expenditure was US$286 million, including US$138 million for construction, development, and maintenance activities in Macau.
Sands China withdrew HK$12.75 billion under the 2024 SCL term loan financing in the second quarter. The proceeds, along with cash on hand, will be used to fully redeem US$1.63 billion in outstanding principal of its 5.125% senior notes maturing on August 8, 2025, along with any accrued interest.
Performance of Sands China’s properties in the second quarter included:
– **Venetian Macau**: Net revenue of US$663 million, down 3.3% year-on-year; casino revenue of US$524 million, down 5.7%; rolling chip volume of US$860 million, up 7.5%; hotel occupancy rate of 98.6%.
– **Londoner Macau**: Net revenue of US$642 million, up 44.5% year-on-year; casino revenue of US$495 million, up 55.6%; rolling chip volume of $2.09 billion, down 11.3%; hotel occupancy rate of 93.3%.
– **Parisian Macau**: Net revenue of US$194 million, down 26.7% year-on-year; casino revenue of US$143 million, down 31%; hotel occupancy rate of 99.2%.
– **Plaza Macau**: Net revenue of US$194 million, down 22.4% year-on-year; casino revenue of US$122 million, down 31.4%; rolling chip volume of US$1.4 billion, down 42.8%; hotel occupancy rate of 92.1%.
– **Sands Macau**: Net revenue of US$71 million, down 10.1% year-on-year; casino revenue of $63 million, down 10%; rolling chip volume of US$23 million, down 4.1%; hotel occupancy rate of 99.4%.
In retail operations, the four shopping centers under Sands China generated total revenue of US$187 million, with total operating profit of US$109 million and an operating profit margin of 87.2%.
– **Venetian Shopping Center**: Total revenue of US$62 million; operating profit of US$56 million; operating profit margin of 90.3%.
– **Four Seasons Luxury Retail**: Total revenue of US$28 million; operating profit of US$25 million; operating profit margin of 89.3%.
– **Londoner Shopping Center**: Total revenue of US$21 million; operating profit of US$17 million; operating profit margin of 81%.
– **Parisian Shopping Center**: Total revenue of US$5 million; operating profit of US$3 million; operating profit margin of 60%.
