Continued recovery across Macau, hailed as “the most important land-based market in the world”, and Singapore is a key touch point for Las Vegas Sands in its latest quarterly review, with optimism for New York success also elaborated on.
Reflecting on the operator’s performance through July 1-September 30, Robert Goldstein, Chair and CEO, stressed delight at a maintained uptick in travel and tourism spending across each region.
“We remain deeply enthusiastic about our opportunities for growth in both markets in the years ahead,” he said.
Net revenue through the quarter soared to $2.8bn (2022: $1.01bn), with significant increases felt across Macau operations, to $1.78bn (2022: $258m), and the Singapore-based Marina Bay Sands, which closed at $1bn (2022: $756m).
“We are staunch believers in the growth of Macao market near and long term”
The autonomous region has delivered progress across both gaming and non-gaming offerings for LVS, with an “enthusiastic” commitment to continued investment acknowledged in a bid to make further headway in the region.
Elsewhere, Singapore is said to have witnessed increased spending from China and the wider region in delivering “outstanding levels of financial and operating performance”.
Operating income swung to $688m from a loss of $177m one year earlier, while net income followed suit to close at $449m compared to a loss of $380m through the third quarter of 202. Adjusted EBITDA hit $1.12bn (2022: $191m).
For the year-to-date, revenue maintained the trend felt through this latest quarter in surging to $7.45bn (2022: $2.99bn), with net income hitting $962m compared to a loss of $1.27bn year-on-year, and adjusted EBITDA soaring to a figure of $2.88bn (2022: $510m).
“We are staunch believers in the growth of Macao market near and long term,” Goldstein commented on LVS’ latest earnings call.
“LVS has invested $15bn in Macao, which is the most important land-based market in the world. A few reference points to consider, third quarter EBITDA represents strong growth compared to previous quarters, as I mentioned. Our retail business in Macao has far exceeded pre-COVID numbers.
“I expect the gain portion of our business to follow the same trajectory as Singapore and accelerate [in] 2024. Let’s go to MBS in Singapore. Six quarters into a reopening, MBS delivered $490m quarter.
“The resort will cost in excess of $5bn, but enables us to develop a five-star resort with unlimited appeal”
“The power of this building is evident based on the results despite the disruptive impact of our ongoing $1.75bn renovation program.”
Earlier in the year, the casino and entertainment operator entered the race to secure one of three downstate casino licences within the state of New York.
LVS has stressed much optimism at being triumphant within the region, having secured approval for a development at the Nassau Veterans Memorial Coliseum.
“Finally, we’re bidding for a licence in New York. We have secured the Nassau Colisino, and the process of gaining necessary selling requirements to move forward,” Goldstein concluded.
“We’re also receiving strong local support from the local community. The resort will cost in excess of $5bn, but enables us to develop a five-star resort with unlimited appeal. This is simply an extraordinary opportunity. We are very excited about the prospect.
“Our bid is compelling, that we award the licence who will be in the ground as quickly as possible.”