Las Vegas Sands Corp., a renowned developer and operator of the global integrated resort, today announced its financial results for the first quarter of 2023. The report says the company's recovery is underway as operations in Singapore, Macao and Chinese resorts reached $1.49 billion in year-over-year revenue, with a total revenue of $3.39 billion in the first quarter of 2023.
Robert G. Goldstein, chairman and chief executive officer of Las Vegas Sands, said, "While travel restrictions and reduced visits continued to impact our financial performance during the quarter, there is currently a strong recovery in travel and tourism spending across our market. We are still thrilled about the opportunity to have more guests back in our accommodation throughout 2023 and in the years to come."
Marina Bay Sands – Continuous Recovery:
Goldstein continued: "We were delighted to see the ongoing recovery of Marina Bay Sands in Singapore progress during the quarter, and the property has again delivered an outstanding level of performance in both bulk gaming and tenant sales. As airlift capabilities continue to improve and travel and tourism spending recovery in China and the wider region continues, the opportunity to introduce new suite products to more customers remains buoyant." 바다이야기
Accelerated by increasing number of Macao visitors:
According to Goldstein, the Macau business also performed well in the quarter. "In Macau, we were pleased to see the ongoing recovery in all gaming and non-gaming segments during the quarter. We are deeply passionate about the opportunity to continue investing in improving Macau's tourism appeal to tourists from all over the region, including foreign tourists visiting Macau," the president added:
"Our decades-long commitment to investments that strengthen Macau's business and leisure tourism and support its development as a global hub for business and leisure tourism is very well positioned to deliver strong growth as market visits increase and travel and tourism spending recover."
A firm commitment to leading investment:
Goldstein is excited about the company's future prospects. "Our firm commitment to making industry-leading investments in our team members, community and market-leading integrated resort real estate portfolio is very well positioned to deliver strong growth for us going forward. Our funding power supports the ongoing investment and capital spending programs in Macau and Singapore and the pursuit of growth opportunities in new markets," he said.
Singapore and Macau financial results for Q1 2023:
The optimism from Las Vegas Sands management is based on the latest financial results that the company generated $2.12 billion in net income in these markets in the first quarter of 2023, more than double the $943 million level experienced in the first quarter of last year. As a result, operating profit reached $378 million, which resulted in an operating loss of $302 million year-over-year.
This significant growth resulted in a $145 million increase in operating income for the first quarter of 2023 following a net loss of $478 million a year earlier. Consolidated-based EBITDA adjustment was $792 million, more than seven times the level of $110 million in the first quarter of last year.
Sands China Financial Results For Q1 2023:
Sands China results follow a pattern set by the company's Macau and Singapore facilities, with total net revenue soaring to $1.27 billion in the first quarter of 2023, doubling the $547 million level in the country as well. As the company reported, Sands China Resort is also recovering, but it is still feeling the impact of last year's shutdown. Therefore, the resort posted a slight net loss of $10 million, compared to a loss of $336 million in the first quarter of 2022.
Q1 2023 TOTAL:
Reports of financial results across Singapore, Macao and Chinese resorts show that these facilities grossed a total of $3.39 billion, more than double the $1.49 profit a year earlier. Factors influencing revenue levels include interest expense of $218 million, weighted borrowing expense of 5.4%, and weighted average debt balance increased by borrowing of $999 million under last year's credit limit, but the company still has $2.48 billion available for borrowing under several credit facilities.
In the first quarter of 2023, Las Vegas Sands paid $50 million in taxes compared to $2 million in the first quarter of 2022. As of March 31, 2023, the Company's unlimited cash balance amounted to $6.53 billion with a total debt of $15.97 billion. As for capital expenditures in the quarter, developers invested $166 million across facilities to leverage momentum and leverage it to market recovery.