BRIEF: Sands China ekes out small revenue gain in third quarter
Casino operator Sands China Ltd. (1928.HK) reported on Thursday its net revenue rose 1.5% year-on-year in the third quarter to $272 million, as its adjusted property EBITDA rose by a similarly small 2.7% to $601 million.
During the quarter, the company’s Venetian Macao generated $543 million in gaming revenue, down 2% year-on-year; its Parisian Macao fell 13.8% to $163 million; Sands Macao dropped 9.6% to $66 million; and Plaza Macao fell 27% to $132 million. Only the company’s Londoner Macao saw an increase, with gaming revenue up 55% to $525 million. Occupancy rates at the company’s hotels were similar to the same period last year, averaging over 95%.
“Our financial strength and industry-leading cash flow continue to support our investment and capital expenditure programs in both Macao and Singapore,” said Robert Goldstein, chairman and CEO of Las Vegas Sands, Sands China’s parent.
Shares of Sands China rose 4.4% to close at HK$19.23 on Thursday. The stock is down 8% year to date.
By Lau Chi Hang
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