Las Vegas Sands has published its Q4 financials to December 31, 2018, showing a net loss of $40m for the quarter due to a one-off income tax charge of $727m. The expense impacted profit for the full year which was $2.95bn compared with $3.26bn in 2017. At the firm’s Las Vegas operations, adjusted property EBITDA was $100m, while hold-normalized adjusted property EBITDA increased 9.6% to $125m.
Sheldon G Adelson, Chairman and CEO, told investors: “We are pleased to have delivered strong financial results in the quarter, led by record mass revenues and continued growth in every market segment in Macao. Our integrated resort property portfolio in Macao delivered adjusted property EBITDA of $786m, an increase of 7.7% compared to the fourth quarter of 2017. At Marina Bay Sands in Singapore, our hotel, retail, convention and mass gaming segments all exhibited growth, contributing to $362m of adjusted property EBITDA for the quarter.”
Effective January 1, 2018, the company adopted the new revenue recognition standard on a full retrospective basis. The adoption of this standard did not have a material impact on the company’s financial condition or net income. All 2017 financial results have been revised to conform to the current presentation.
Operating income in the fourth quarter of 2018 decreased to $874m, compared to $1.03bn in the fourth quarter of 2017. The decrease in operating income was due to depreciation acceleration and asset impairments associated with development projects in Macao.