Sands China announces profits of MOP1.5b in Q2
Sands China Ltd. (SCL) announced their second quarter (Q2) results yesterday, reporting a net revenues of USD187 million (MOP1.5 billion) for the second quarter of 2023, a note from the company to the Stock Exchange of Hong Kong (HKEX) has revealed.
It is the first time in three-and-a-half years that the company has recorded a profit after a cycle of reported losses related to low generated income during the pandemic.
In the same quarter of last year, SCL posted a loss amounting to USD422 million (MOP3.4 billion).
At the end of the first quarter, the company’s results were showing a significant recovery but the company remained in the red by some USD10 million (MOP80.47 million).
According to the company’s report, its adjusted property earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled USD541 million (MOP4.35 billion) for the same Q2, compared to an adjusted property EBITDA loss of USD110 million (MOP 885.3 million) for the second quarter of last year.
In the same note to the HKEX, Robert Goldstein, chairman and chief executive officer of parent company Las Vegas Sands, said, “we were pleased to see robust recovery in travel and tourism spending underway in both Macau and Singapore during the quarter. We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout the remainder of 2023 and in the years ahead.”
Regarding the results obtained by the Macau operations, Goldstein added, “we were pleased to see the ongoing recovery now underway in all gaming and nongaming segments’ during the quarter. We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macau’s tourism appeal to travelers from throughout the region, including foreign visitors to Macau. Our decades-long commitment to making
investments that enhance the business and leisure tourism appeal of Macau and support its
development as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds.”
Non-gaming share growing to 22%
According to SCL’s chief operating officer (COO), Grand Chum, who made remarks after the second-quarter earnings announcement of Sands China’s parent, Las Vegas Sands Corporation, the non-gaming section of the operations is also contributing to the increase in earnings of the company.
Citing the results and comparing them to 2019 (pre-pandemic), Chum noted that the non-gaming share has risen from 17% in 2019 to 22% in Q2 of 2023.
The COO also added that, at present (half-year), SCL has reached 93% of its 2019 non-gaming revenues.
