Major casino operator Las Vegas Sands reported a 2.6% increase in net revenue for the three months ended September 30, 2016 to $2.97 billion. Sheldon Adelson, Chairman and founder of the gambling company, said in a Thursday statement that they delivered another quarter of solid performance and continued to execute their strategic objectives during the third quarter of the year.
Mr. Adelson added that as Macau seemed to be finally entering a rebound phase with improved operating environment, especially in the mass market segment, his company’s properties around the city enjoyed strong visitation.
The operator reported consolidated adjusted property EBITDA of $1.14 billion for the reviewed three months, reflecting an 8.6% growth as compared to the same period of the previous year. Margin stood at 38.5%.
Sands China Ltd., Las Vegas Sands’ Macau subsidiary, generated net revenue of $1.72 billion during the third quarter of the year, up 3.6% year-on-year. Net income totaled $324.3 million for the period, down 5.5% from the same three months of 2015.
Sands Macau launched The Parisian Macao, its latest integrated resort on the Cotai Strip, on September 13, 2016. The venue generated adjusted property EBITDA of $19 million during the first 18 days of operation. Net revenue from the property amounted to $68.6 million.
Unlike its rival operator Wynn Resorts, which opened its Wynn Palace property on Macau’s Cotai Strip in August and said that the resort did not enjoy a particularly good start, Las Vegas Sands indicated that it was content with its new complex’s initial performance.
Apart from The Parisian Macao, the gambling operator also manages The Venetian Macao, Sands Cotai Central, Four Seasons Hotel Macao and Plaza Casino, and Sands Macao properties across the Chinese special administrative region.
Marina Bay Sands, Las Vegas Sands’ integrated hotel, casino, and convention complex in Singapore generated net revenue of $762.6 million and adjusted property EBITDA of $390.7 million during the reviewed quarter.
Revenue from the operator’s Las Vegas operations, including The Venetian Las Vegas, The Palazzo, and Sands Expo and Convention Center, totaled $382.2 million. Adjusted property EBITDA amounted to $85.3 million during the third quarter of 2016.
Sands Bethlehem in Pennsylvania generated net revenue of $146.3 million during the reported period. Adjusted property EBITDA totaled $38.1 million.
It could be said that Las Vegas Sands was the first gambling operator to introduce the integrated resorts model back in the 1990s. Generally speaking, complexes of this type feature gambling, accommodation, retail, food and beverage options as well as convention facilities. For the past several decades, a number of other companies with global presence have adopted the model and have built such multi-purpose properties in popular and and not-so-popular gambling destinations around the world.
