Macau (MNA) – Sands China Ltd. posted total net revenues of US$2.16 billion in the first quarter of 2018, up 17 per cent when compared to US$1.84 billion for the first quarter of 2017, the company has announced in a filing with the Hong Kong Stock Exchange on Thursday.
The company’s Adjusted Property EBITDA for its Macau SAR operations amounted to US$789 million, marking an increase of 26 per cent from a year earlier, helped by high VIP hold rate – at 3.5 per cent – and by increases in mass table gaming drop and revenue, as well as retail mall sales.
The company registered an increase in revenue in all of its local properties, namely, the The Venetian Macao, Sands Cotai Central, The Parisian Macao, and Plaza Macao, with the exception of Sands Macao.
In particular, revenue generated by The Venetian Macao was up 20.1 per cent to US$716 million when compared to the same period a year before, while revenue from The Parisian amounted to US$291 million, up 19.5 per cent from the first quarter of 2017.
Revenue collected by Sands Macao, the company’s first casino opened in 2004, was down 13.4 per cent to US$142 million from US$164 million.
“We grew by an exceptional 35 per cent in premium mass when compared to the prior year, and our retail mall sales grew by 33 per cent over the prior year, with each of our four malls delivering strong growth,” said Sheldon Adelson, Chairman and Chief Executive Officer of Las Vegas Sands in the filing.
Regarding future developments, Adelson reiterated that several projects are in the pipeline, including suite additions to The Parisian Macao, the renovation of VIP gaming areas, and the development of two luxury hotel towers immediately adjacent to the Four Seasons and the St. Regis properties.
Last week, the President of the company, Wilfred Wong, presented some details about the Londoner Macao project, which will see a set of four hotel towers rebranded as London.