Las Vegas Sands has published its 2019 Q1 financials for the period ended March 31, 2019, showing a net revenue increase of 1.9% to $3.65bn. Net income decreased 54% to $744m, including a non-recurring legal settlement, while $1.62bn of net income in the first quarter of 2018 featured a non-recurring non-cash income tax benefit of $670m.
Consolidated adjusted property EBITDA of $1.45bn decreased 3.2% in the first quarter of 2019 year-on-year, while net income attributable to Las Vegas Sands in the first quarter of 2019 decreased to $582m from $1.46bn in the comparable period 2018.
Adjusted net income attributable to Las Vegas Sands was $708m, or $0.91 per diluted share, compared to $821m, or $1.04 per diluted share, in the first quarter of 2018. Hold-normalized adjusted earnings per diluted share was $0.89.
Sheldon Adelson, Chairman and CEO, said: “We are pleased to have delivered strong financial results in the quarter, led by consistent growth in the mass and non-gaming segments in Macao. Our market-leading Integrated Resort property portfolio in Macao delivered revenue growth of 13% in the high-margin mass gaming table segment and adjusted property EBITDA of $858m.
“At Marina Bay Sands in Singapore, our hotel, retail, convention and mass gaming segments all exhibited strength, contributing to $423m of adjusted property EBITDA for the quarter.”