Sands China’s Q2 net revenue, EBITDA up y-o-y but down from previous quarter

The gaming operator reported that low hold on rolling play in Macau negatively impacted Adjusted Property EBITDA by $4 million.

Also according to the quarterly results announced in the early hours of Thursday (Macau time) by Sands China’s parent company, Las Vegas Sands, the group’s Macau operations posted net revenue of US$1.754 billion, which is a 7.7 percent increase from last year but a 3.3 percent decrease from the previous quarter.

During the second quarter, “a daily average of approximately 1,350 rooms were excluded from available rooms in connection with the renovations related to the conversion of the Sheraton towers to the Londoner Grand,” the company stated.

“In Macau, the ongoing recovery continued during the quarter, although visitation to the market remains well below the levels reached prior to the pandemic,” said Robert G. Goldstein, Las Vegas Sands chairman and CEO, as quoted in a press release announcing the results.

“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 well as the recovery in travel and tourism spending progresses,” he added.

The group’s Singapore property, Marina Bay Sands, generated US$1.02 billion in net revenues in the second quarter, 9.8 percent more than a year ago but 12.3 percent less than in the first quarter.

Las Vegas Sands’ overall net revenue reached US$2.76 billion, down from US$2.96 billion in the first quarter, with Consolidated Adjusted Property EBITDA standing at US$1.07 billion, an 11.5 percent decline quarter-to-quarter.