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Publishing its financial results for the three months to March 31, 2018, Las Vegas Sands reported record levels of performance with net revenue up 16.7 per cent year on year to US$3.58bn while net income leapt 179.1 per cent to $1.62bn.

The whole estate appears to have performed well but Singapore stands out with earnings (EBITDA) at Marina Bay Sands in Singapore up by nearly 50 per cent year on year to $541m in Q1.

Adjusted EBITDA for the company’s Macau properties also increased strongly, up 26 per cent to $789m. Even the Vegas properties performed well, with a year-on-year EBITDA increase of 15.6 per cent, to $141m.

In a statement, Las Vegas Sands chairman and CEO Sheldon Adelson said: “We are extremely pleased to have delivered strong financial results in the quarter.

“Consolidated adjusted property EBITDA reached a record $1.50bn, an increase of 30.7 per cent compared to the first quarter of 2017.

“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 Macau, Singapore and Las Vegas. We also continued to invest in growth initiatives in each of our markets while returning excess capital to shareholders.”

Applying GAAP accounting principles, generally accepted in the US, across the group operating income in the first quarter of 2018 increased 51.6 per cent to $1.16bn, compared to $764m in the first quarter of 2017.

The increase in operating income was largely due to stronger results in Macau and at Marina Bay Sands in Singapore.