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Las Vegas Sands Reports Mixed Revenue Results in Q3 2023

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Las Vegas Sands has published its earnings for the final quarter of 2023, which saw revenue of $2.92 billion. This is an impressive 161% increase compared to the previous year. However, it has not yet rebounded to the levels witnessed before the pandemic and was down 16.9% from the fourth quarter of 2019.

Contrasting Situations in Singapore and Macau

In this quarter, Marina Bay Sands in Singapore contributed $1.06 billion to the revenue, a 55.6% increase from the previous year and a 24.4% rise from the same quarter in 2019, suggesting that consistent progress is being made in Singapore

On the other hand, revenue from operations in Macau, encompassing five casino resorts and additional ventures, amounted to $1.86 billion. This represents a 319.6% increase from the fourth quarter of 2022, yet it is still 16.9% lower than the revenue in the fourth quarter of 2019. Notably, The Venetian Macau was the largest contributor with $748 million, followed by The Londoner Macau and The Parisian Macau, bringing in $589 million and $222 million, respectively.

Adjusted Property EBITDA Approaches Pre-Covid Figures

Although there was a 16.9% gap in net revenue between 2019 and 2023, the adjusted property EBITDA presents a closer margin. The EBITDA for the fourth quarter of 2023 was $1.2 billion, only a 13.7% decrease from the $1.39 billion in the same quarter of 2019. This suggests that adjusted property EBITDA might rebound to pre-Covid figures before net revenue does.

Despite the earnings not surpassing those of 2019, the upward trajectory from the previous year, combined with the revenue growth in Singapore and the narrowing revenue gap in the Macau gambling market, signals a recovery trend in Asia’s gaming market. For instance, MGM China’s revenue in the third quarter of 2023 exceeded pre-Covid levels by 10%. Additionally, Macau’s Gaming Inspection and Coordination Bureau reported a total revenue of MOP$183.1 billion (US$22.7 billion) in 2023, marking a 334% increase from 2022, albeit 37.4% lower than in 2019.

The gambling sector in other Asian regions is also experiencing robust growth. The Philippine Amusement and Gaming Corporation (PAGCOR) reported a record revenue of Php285.27 billion ($5.09 billion) in 2023, a 33.1% increase from the previous year. Furthermore, the development of the first Japanese casino resort in Osaka and Mohegan Inspire’s acquisition of a five-star hotel rating are promising indicators for the future of gaming in Asia. Even though the industry has not reached its peak performance yet, these developments hint at a prosperous future.

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