$1.78 billion in the third quarter of 2023.
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Sands China appears to have definitely recovered from the lows the casino giant experienced during the pandemic, with revenue of $1.78 billion in the third quarter of 2023. Compared to the $251 million level reached in the same period in 2022, the recovery assumption for the third quarter of 2023 is turning into a fact, with additional support from net income soaring to the $231 million level compared to the same quarter in 2022, when the company's operations bottomed out, resulting in a loss of $472 million, Asia Gaming Brief reported.
$631 million EBITDA:
The same source said the company's overall real estate EBITDA hit $631 million and followed a trend of recovering from a low of $152 million sustained in the third quarter of 2022. These results were a tally of the performance of each Sands China property, including casino and hospitality operating revenues. Venice, London and Paris Resorts reportedly contributed differently to the group's earnings in Q3 2023.
Venetian Real Estate's casino operations were strong with a $953 million handle and adjusted real estate EBITDA of $290 million used to generate $575 million in revenue, sources said. During the same period, hotel occupancy was reported to have reached 98%.
Londoner Performance:
Londoner Resorts generated $371 million in casino revenue, although hospitality performance was $97 million better than Venice. Adjusted property EBITDA proportionally reached $167 million on a $1.56 billion handle, up more than 1,300% during the third quarter of 2022.
Paris Casino Resort ended the quarter with $181 million in casino revenue and $37 million in share generated from accommodation. Adjusted property EBITDA was $81 million, and the $277 million handle was a steep increase from $26 million experienced in Q3 2022.
A full recovery from the pandemic:
Sands' Peninsula Realty reportedly contributed a meager $75 million to the group's revenue pool in the third quarter of 2023, with an adjusted EBITDA of only $17 million. At the same time, Venetian, Londoner and Parisian accounted for 32%, 38% and 10% of all Sands China revenues from Macau in the third quarter of 2023.
LVS Chairman Robert Goldstein reportedly said of the results: "Macao delivered $631 million in EBITDA for the quarter, and it's only been eight months since it reopened after COVID-19. We're in the early stages. We look forward to growth in both gaming and non-gaming revenues that will boost the overall market."
Market Growth Expectations
Goldstein reportedly believes the Macau market could grow above a $40 billion GGR, and the administration also believes that this market growth "can happen very well in a short time frame than anyone realizes." The administration added that Macau is "the most important land-based market in the world," noting that it expects "the gaming part of our business to accelerate in 2024 along the same trajectory as Singapore."
