The Las Vegas Sands Corporation has reported a strong showing across its entire estate, in financial figures for the first first quarter of 2018.
Net revenue for the firm showed a 16.7 percent increase to $3.58bn, up from 2017’s $3.07bn, with it’s Marina Bay Sands resort in Singapore taking the lion’s share of $872m, up 20.8 percent from the previous years $690m.
Net income across its properties also saw a significant jump of 179.1 percent, reaching $1.62bn as opposed to the previous years $579m, with adjusted EBITDA across its portfolio reaching $1.5bn, a 23.4 percent rise from Q1 2017’s $1.14bn.
Breaking that figure down further, it’s Macau properties show an increase of 26 percent to $789m, while it’s Las Vegas operations indicate a 15.6 percent rise to $141m.
The Marina Bay Sands again reporting the most impressive figures, up 48.6 percent year-on-year to $541m, from the first quarter of 2017’s $364m.
Regarding GAAP accounting principles, generally accepted in the United States, operating income in the first quarter of 2018 increased 51.6% to $1.16 billion, compared to $764 million in the first quarter of 2017.
Detailing the rise in operating income, the firm indicates it was primarily driven by stronger results in Macau and at its Singaporean property.
Sheldon G. Adelson, chairman and chief executive officer at Las Vegas Sands Corporation, said, “We are extremely pleased to have delivered strong financial results in the quarter.
“Consolidated adjusted property EBITDA reached a record $1.50 billion, an increase of 30.7% 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 Macao, Singapore and Las Vegas.
“We also continued to invest in growth initiatives in each of our markets while returning excess capital to shareholders.”