Macau (MNA) –Â Total net revenue of Sands China Limited has increased 13 per cent to US$2.15 billion (MOP17.36 billion) in the third quarter of 2018, the company stated in a filing with the Hong Kong Stock Exchange on Thursday.
“We [Las Vegas Sands] are pleased to have delivered strong financial results in the quarter, led by continued growth in every market segment in Macao,” the company CEO, Sheldon Adelson, was quoted as saying in the filing.
Net revenues of the company had reached US$1.90 billion in the third quarter of 2017.
Net income for Sands China has also increased 13 per cent to US$454 million in the quarter under review, compared to US$403 million in the third quarter of 2017.
Net income attributable to non-controlling interests during the period increased to US$128 million and was also principally related to performance of properties under Sands China portfolio.
Adjusted EBITDA for all Sands properties in Macau grew 15.8 per cent to US$754 million over the prior year, while adjusted EBITDA for the company reached US$1.27 billion, an increase of 8 per cent in comparison to last year.
The company also claimed that it has experienced ‘strong growth’ in both the VIP and mass gaming table segments, in addition to achieving ‘record’ hotel occupancy of 96 per cent at its Macau portfolio.
As in previous filings, the CEO reiterated Sands’ commitment to further development in Macau, citing a pledge for some US$2.2 billion in investment in the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The Londoner Macao, which will come on line in phases throughout 2020 and 2021.
In particular, the Venetian Macau has posted the most notable increase in net revenue amongst the company’s properties in the city, up 22.1 per cent during the period ended September 2018 to US$857 million – US$689 million of which was gaming revenue.
The Plaza Macao also posted a high increase in net revenue of 19.3 per cent totalling US$167 million – although an amount inferior to that collected by Sands Cotai Central or US$537 million, which registered growth of 15 per cent.
The majority of the company’s capital expenditure during the quarter was generated by construction, development and maintenance activities in Macau, amounting to some US$131 million of a total of US$207 million.
