Sands China reports Q1 net revenue of US$1.28 billion

The Group’s Q1 EBITDA reached US$398 million, while net revenue saw a remarkable year-on-year increase of 132%.

Sands China has released its financial results for Q1 2023, revealing a net revenue of US$1.28 billion, marking a significant 132% increase compared to the previous year. The company also reported a reduced net loss of US$10 million, down from US$336 million in the same period last year, and US$348 million in the previous quarter.

In Q1 2023, the group’s adjusted property EBITDA stood at US$398 million, a significant improvement from a negative US$11 million in the same period last year (Q1 2022). However, approximately 3,800 rooms remained unavailable due to labor constraints during the quarter.

The non-rolling table win in the mass market for Q1 2023 was US$911 million, a significant increase from US$354 million in the same period last year, representing 60% of pre-pandemic levels. The slot machine win also showed positive growth, reaching US$118 million, up from US$29 million a year ago, and approximately 77% of the levels seen in 2019. However, the rolling win in the VIP segment was comparatively lower, standing at 23% of pre-pandemic levels, with US$155 million in Q1 2023.

During the three months ending March 31, The Venetian Macao reported net sales of US$558 million, with casino revenue reaching US$446 million, a significant increase compared to US$157 million in Q1 2022. The adjusted real estate EBITDA also showed remarkable growth, rising to US$210 million from US$19 million in the same period last year.

Robert G. Goldstein, Sands China’s CEO and Chairman, expressed satisfaction with the accelerating recovery observed in all gaming and non-gaming segments in Macau 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. Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world centre 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.”