It was a positive quarter for Sands China as the group detailed a revenue boost of 7.7 per cent to US$1.75bn.
Despite being a slight dip compared to last month, the result underlines a year of growth for the firm as the whole region strives towards returning to pre-pandemic prosperity in terms of traffic and revenue.
It was also revealed that the firm repurchased $400mLVS shares as part of its share repurchase program during the quarter.
Robert Goldstein, Chairman and CEO of Sands China’s parent company Las Vegas Sands, commented on the period: “In Macau, the ongoing recovery continued during the quarter, although visitation to the market remains well below the levels reached prior to the pandemic.
“Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world centre of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.”
Furthermore, the results were slightly hindered by low hold on rolling play in the Macau region, a detail that negatively affected property EBITDA by $4m.
Goldstein also revealed that the growth of the firm is reflective of that in Macau and Singapore – emphasising his confidence and excitement for both markets in the second half of the year.
Reflecting further, he stated: “In Singapore, Marina Bay Sands again delivered strong financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia continues to advance.
“Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macau and Singapore, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders.”
It comes after Macau benefited from a historically strong May as gross gaming revenue (GGR) reached its highest post-pandemic levels.
As reported by InsideAsianGaming, total GGR was recorded at $2.52bn in the month, a 29 per cent increase on the same period last year.
Furthermore, underlining the upward trajectory of the region, Macau also saw a nine per cent rise from GGR in April, continuing to build back from a challenging period – fuelled by the lifting of pandemic restrictions.
Speaking to Bloomberg China, Maria Helena de Senna Fernandes, Director of the Macau Tourism Office, revealed just how significant the growth of tourism has been in the region, predicting that a total of 33 million tourists will embrace the region this year.
