LVS results upheld by MSAR and Singapore

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A ‘seeming resurgence in Singapore’ and ‘strong market gross gaming revenue trends’ in the MSAR helped push Las Vegas Sands, parent company of Sands China, to an adjusted property EBITDA of US$1.2 billion, up 26.5 per cent year-on-year, according to analysts at Telsey Advisory Group.
“This was a great quarter and I am very pleased with our results,” noted Chairman and CEO, Sheldon G. Adelson, in the earnings call, stating: “I remain as confident as I have ever been in our company’s prospects”.
Across the five local properties, overall revenue was 2 per cent above Telsey expectations, ‘with EBITDA of US$593 million 1.0 percent below our estimates,’ note the analysts.
“Mass gaming table revenue growth rate [in Macau] further accelerated from 18 per cent in the first quarter to 23 per cent in the second quarter,” the chairman pointed out. In addition, the group’s premium mass segment saw a 40 per cent acceleration year-on-year and non-gaming revenues were also up 22 per cent year-on-year during the quarter.
Sands China’s total net revenues saw a 23 per cent uptick year-on-year during the quarter, reaching US$1.82 billion, while net income rose 37.6 per cent year-on-year to US$326 million.
‘In Singapore, Marina Bay Sands revenue of US$836.0 million was 21.7 per cent above our expectations, while EBITDA of US$492 million was 44.7 per cent above our estimates, in part due to US$106 million in EBITDA from higher than expected VIP and mass market hold,’ the Telsey analysts point out.