Las Vegas Sands, the convention-based casino resort operator, has posted a mixed set of financials for its second quarter ended June 30, 2018. Revenue in its Macau business surged ahead by 25 per cent to $750m, but the picture was less rosy in Las Vegas, where expected EBITDA of $92m actually fell 2.5 per cent to $77m.
Sheldon G Adelson, chairman and chief executive officer, said: “We are pleased to have delivered strong financial results in the quarter, led by robust growth in Macao, where every property in our portfolio delivered growth and adjusted property EBITDA reached $750m, an increase of 25% compared to the second quarter of 2017.
“While lower rolling chip volume and win percentage compared to the year ago quarter impacted our results at Marina Bay Sands in Singapore, the power of our unique convention-based integrated resort business model remains evident in our financial performance, with Singapore delivering $368m of adjusted property EBITDA and Las Vegas performing well despite lower than expected hold on table games play. We also continue to invest in growth initiatives in each of our markets while returning excess capital to shareholders through dividends and share repurchases.”
Net revenue for the second quarter of 2018 increased 6.2% to $3.30bn, compared to $3.11bn in the second quarter of 2017. Net income increased 5.8% to $676m in the second quarter of 2018, compared to $639m in the year-ago quarter.
- Consolidated Net Revenue Increased 6.2% to $3.30bn
- Net Income Increased 5.8% to $676m; hold-normalised adjusted net income increased 21.3% to $597m
- GAAP Earnings per Diluted Share Increased 1.4% to $0.70; Adjusted Earnings per Diluted Share Increased 1.4% to $0.74; Hold-Normalized Adjusted Earnings per Diluted Share Increased 22.6% to $0.76
- At the Las Vegas operating properties, adjusted property EBITDA decreased 2.5% to $77m