Las Vegas Sands Q1 Profit Rises 57% On Asia Casino Growth

Las Vegas Sands reported stronger first quarter results as Macau and Singapore both delivered higher revenue, stronger gaming activity, and better group earnings. Net income rose 57.1% to $641 million, while total net revenue climbed 25.3% year on year to $3.59 billion.

Good to Know

• Las Vegas Sands beat analyst expectations with adjusted earnings of 91 cents per share.
• Macau revenue rose 23.7% to $2.11 billion, led by The Londoner Macao and The Venetian Macao.
• Marina Bay Sands revenue increased 27.9% to $1.49 billion, helped by gaming demand and higher room rates.

Macau And Singapore Lift Las Vegas Sands Q1 Results

Adjusted earnings reached 91 cents per share, above the 78 cents expected by analysts. Consolidated adjusted property EBITDA also rose 24.6% to $1.42 billion, showing how much demand in Asia helped the group during the quarter.

Macau remained the largest revenue source. Sands China reported a 45.5% increase in net income to $294 million, while regional revenue reached $2.11 billion. Tourist activity around Lunar New Year helped gaming demand, and all five Macau integrated resorts posted higher revenue.

The Londoner Macao led the Macau portfolio with $754 million in revenue. The Venetian Macao followed with $710 million. The Plaza Macao and Four Seasons Macao generated $290 million, while The Parisian Macao reached $229 million and Sands Macao posted $93 million.

Macau adjusted property EBITDA increased to $633 million, though margins eased to 29.9% from 31.3% a year earlier. Even so, the region gave Las Vegas Sands another strong base for Q1 growth.

Singapore added more lift. Marina Bay Sands posted $1.49 billion in revenue, up 27.9% year on year. Adjusted property EBITDA rose 30.2% to $788 million, with margins at 53.0%. Higher rolling chip volume, stronger mass gaming, slot play, higher room rates, and strong occupancy all supported the result.

Las Vegas Sands also returned capital during the quarter. The company repurchased $740 million of common stock and kept its dividend in place.

Management remains focused on the planned IR2 expansion in Singapore. The Marina Bay Sands project will add luxury suites, entertainment, dining, and event space, with completion scheduled for 2030 and opening expected in 2031. Las Vegas Sands recently awarded a multi-billion-dollar construction contract to Singapore builder Woh Hup.

The company also sees current capacity limits becoming clearer as premium visitation rises. Even with VIP demand shifting by customer mix, management still views mass gaming and slot play as core profit drivers at Marina Bay Sands.

The post Las Vegas Sands Q1 Profit Rises 57% On Asia Casino Growth appeared first on iGaming.org.