Sands China To Reach $1.78 Billion In Q3 2023 Revenue To Confirm Post-Pandemic Recovery

Sands China appears to have clearly recovered from the low point experienced by the casino giant during the pandemic, with revenue of $1.78 billion in the third quarter of 2023. Compared to reaching the $251 million level in the same period of 2022, the recovery assumption for the third quarter of 2023 is becoming a foregone conclusion, with additional support for net income soaring to the $231 million level in the same quarter of 2022, when company operations bottomed out, resulting in a $472 million loss, the Asia Gaming Brief reported.

EBITDA OF $631 MILLION:

The same source said the company's overall real estate EBITDA hit $631 million and followed a recovery trend from a low of $152 million in the third quarter of 2022. The results compiled the performance of each Sands China property, including casino and hospitality operating revenue. Resorts in Venice, London and Paris reportedly contributed differently to the group's revenue in the third quarter of 2023.

The Venetian property's casino operations were used to generate $575 million in revenue with a $953 million handle and $290 million adjusted real estate EBITDA, the sources said. Hotel occupancy was reported to have reached 98% over the same period.

Londoner Performance:

Hospitality performance was $97 million better than Venice, but Londoner Resorts generated $371 million in casino revenue. Adjusted Real Estate EBITDA was proportional to $167 million with $1.56 billion processing, up more than 1,300% during the third quarter of 2022.

The Paris Casino Resort ended the quarter with $181 million in casino revenue and $37 million in equity generated from the accommodation. Adjusted Real Estate EBITDA was $81 million, with $277 million handle up steeply from $26 million experienced in the third quarter of 2022.

Full recovery from the pandemic:

Sands Peninsula Realty reportedly contributed $75 million to the group's revenue pool for the third quarter of 2023, with an adjusted EBITDA of just $17 million. At the same time, Venice, London and Paris accounted for 32%, 38% and 10% of total Sands China sales in Macau in the third quarter of 2023.

In response to the results, LVS Chairman Robert Goldstein reportedly said, "Macao delivered $631 million in EBITDA for the quarter, and it's only been eight months since we reopened after COVID-19. We're in the early stages. We look forward to growth in both gaming and non-gaming revenues that will boost the entire market."

Market Growth Expectations

Goldstein reportedly believes the Macau market could grow to over 40 billion GGR, with the administration also believing that such market growth "could happen very well in a shorter time than anyone realize." The administration added that Macau is "the world's most important land-based market," noting that it expects "the game part of our business to accelerate in 2024 along the same trajectory as Singapore." 슬롯사이트 순위