Yesterday’s official release by Sands China Ltd (SCL) of its results of the last quarter for 2023 (Q4) show the company’s earnings as increasing 3.6% quarter-on-quarter before interest, taxes, depreciation, and amortization (EBITDA). The results featured in a corporate presentation by SCL’s parent company, Las Vegas Sands (LVS).
EBITDA climbed to a total of USD654 million (MOP5.27 billion) from the previously recorded USD631 million (MOP 5.08 billion) at the end of Q3.
When compared to the figure obtained at the end of 2019 (MOP6.53 billion), the results of Q4 2023 are about 19% lower; that is, showing a recovery to the pre-pandemic level of about 81% at the end of 2023.
During the same period, the net income of SCL was USD288 million (MOP2.32 billion); that is, achieving a 24.7% increase quarter-on-quarter. SCL’s net revenue also rose by 4.1% to USD1.86 billion (MOP14,98 billion) from USD1.78 billion (MOP14.33 billion).
The Venetian was, as always, the property returning the highest revenue for SCL, achieving a net value of USD748 million (MOP 6.02 billion). It was followed by the Londoner (USD589 million, or MOP4.74 billion) and then The Parisian (USD222 million, MOP1.79 billion).
On the results, LVS Chairman and CEO, Robert Goldstein said, “we were extremely pleased with our financial and operating results for the quarter, which reflect the ongoing improvement in the operating environment in both Macau and Singapore.” He went on to add, “in Macau, the ongoing recovery across all segments continued during the [last] quarter [of 2023]. Our decades-long commitment to making investments that enhance the business and leisure appeal of Macau for tourists, as well as support its development as a world center of business and leisure for tourists, positions us [well], as [does] the ongoing, progressive recovery in travel and tourism spending.” RM
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