SINGAPORE (July 27): Las Vegas Sands has announced earnings of US$576 million ($781 million) for the 2Q17 ended June, representing a 36.8% increase, or 73 US cent per diluted share, compared to US$421 million or 53 US cent per diluted share in the same quarter a year ago.
Group revenue for the quarter grew 18.6% to US$3.14 billion from US$2.65 billion a year ago.
On a GAAP basis (accounting principles generally accepted in the US), operating income for 2Q17 increased to US$816 million, up 57.5% compared to US$518 million in 2Q16 due to strong results across the group’s Macau, Singapore and Las Vegas portfolio.
This was however partially offset by higher depreciation and amortization expenses during the quarter due primarily to the opening of The Parisian Macao in Sept 2016.
As such, the net income attributable to Las Vegas Sands in 2Q, on a GAAP basis, increased 66.2% to US$545 million, from US$328 million a year ago reflecting the increase in operating income and partially offset by increases in net income attributable to non-controlling interests, income tax expense and other expense.
In its press release dated Wednesday, the US casino and resort operating company also announced that Marina Bay Sands (MBS) delivered a record quarter with EBITDA growing 37.8% to hit US$492 million, with 7% fewer rooms available compared to the same quarter a year ago.
For the group’s Singapore-based resort and casino, revenue grew 23.9% y-o-y to US$690 million from US$557 million previously.
The rolling chip win percentage of 4.42% was above the 3.5% achieved in 2Q16 and above the projected range, while rolling chip volume was US$8.71 billion for the quarter.
Non-rolling chip drop was US$911 million with a win percentage of 27.9%, while slot handle increased 4.9% to US$3.4 billion from a year ago, with total mass win-per-day at US$4.42 million, slightly below that of the same quarter last year.
The average daily rate (ADR) for MBS grew 5.9% to US$397, while revenue per available room (RevPAR) increased by 3.6% from that of a year ago to reach US$375.
As at 11.11am, shares of Las Vegas Sands are trading 97 US cents lower at US$61.65 per share on the New York Stock Exchange.
