Las Vegas Sands yesterday announced that its Macau subsidiary, Sands China, posted a 124.9 percent year-on-year increase in net income, to US$196.6 million (MOP1.57 billion) in the third quarter of 2010. On a U.S. GAAP basis, total net revenues for Sands China increased 27.7 percent to US$1.08 billion in the third quarter of 2010. Sands China posted a record adjusted property EBITDA (earnings before interest, taxation, depreciation and amortisation) margin of 31.3 percent. Overall, Las Vegas Sands posted a profit of US$214.5 million, compared with a year-earlier loss of US$76.5 million. Meanwhile, The CotaiJet ferry operation, in Macau, posted negative EBITDA of US$5.6 million in the quarter. As of September 30, 2010, Las Vegas Sands’ total debt outstanding was US$10.14 billion. Capital expenditures during the third quarter totalled US$523.1 million, including construction and development activities of US$146.9 million in Macau. Marina Bay Sands in Singapore, in its first full quarter of operations, delivered adjusted property EBITDA of US$241.6 million for the third quarter of 2010 and 49.7 percent adjusted property EBITDA margin. Net revenue in the third quarter was US$485.9 million.
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