The international operator of integrated resorts and casinos, Sands, displayed strong success in the third quarter of 2023. A year after the firm was significantly impacted by pandemic-related measures in Macao and Singapore, Sands has effectively recovered.
Sands Chairman and CEO, Robert Goldstein, commented on the encouraging Q3 results, stating, “We were pleased to see the recovery in travel and tourism spending in both Macao and Singapore progress during the quarter. We remain deeply enthusiastic about our opportunities for growth in both markets in the years ahead.”
Segment-wise Analysis
A deeper examination of the Q3 results indicates that the casino industry is the foundation of Sands’ operation, with casino revenue surging by an astounding 215.2% year over year to reach $2.01 billion. Food and beverage sales climbed by 90.2% to $156 million, while room revenue increased by 178.1% to $342 million. Revenue from malls, conventions, retail sales, and other sources all increased significantly.
Geographically, Sands’ core market is still Macao. In Q3, Macao’s revenue soared by 592.4% year over year to $1.79 billion. The Venetian Macao, which brought in $723 million, was in first place. With $518 million and $244 million, respectively, The Parisian Macao and The Londoner Macao came in second and third.
Singapore’s Marina Bay Sands also had significant gain in revenue, increasing by 34.3% to $1.02 billion. Intercompany royalties were $61 million, according to Sands.
Sands recorded a pre-tax profit of $571 million despite increasing operating expenses, a considerable improvement from the $320 million deficit in 2022. In contrast to the previous year’s loss of $239 million, the corporation concluded the third quarter with a net profit of $380 million.
Sands has had a strong year thus far; their revenue for the first nine months of 2023 totaled $7.46 billion. Comparing this to the same period in 2022, there has been a rise of 149.5%.
“Our commitment to making industry-leading investments in our team members, our communities, and our integrated resort property portfolio positions us exceptionally well to deliver strong growth in the years ahead,” said Robert Goldstein, highlighting the company’s strategic approach to growth and investment.
Sands emphasizes financial stability to support ongoing investments and capital expenditure projects in Macao and Singapore, exploration of possibilities in new markets, and capital return to investors in its continued optimism over its future development prospects. The company’s third quarter results demonstrated its tenacity and potential for long-term expansion.
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