Sands China notched revenue of USD1.27 billion in the three months from January through March, more than doubling that figure on a year-over-year basis, Las Vegas Sands disclosed in its earnings report.
The gaming operator recorded USD547 million in the first quarter of 2022. Its net loss was USD10 million, compared to USD336 million a year earlier.
“In Macau, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments accelerate 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 to foreign visitors to Macau,” said CEO Rob Goldstein in a statement.
Sands China sported a year-to-date growth of 23.5% Wednesday—one of the best showings among all large-cap gaming equities.
Still, analysts believe the Macau rebound is in its infancy, indicating there could be more upside ahead for the stock, according to media reports.
Las Vegas Sands reported positive adjusted property earnings before interest, taxes, depreciation and amortization at each of its Macau locations for the first time since 2019.
“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,” added Goldstein in the statement.LV
