Las Vegas Sands Corporation has released its unaudited financial results for 2018 showing that it experienced a 7.8% increase year-on-year in net revenues to $13.729 billion alongside an associated 8% rise in casino income to $9.819 billion.
The Las Vegas-headquartered casino operator used an official Wednesday press release to reveal that it earned 62% of its full-year revenues in Macau where it is responsible for the Sands Macao, The Parisian Macao, Sands Cotai Central, The Plaza Macao and The Venetian Macao properties while also detailing that its overall annual net income had dropped by 9.5% year-on-year to $2.951 billion even as it repurchased some $905 million in common stock.
In the United States where Las Vegas Sands Corporation runs The Venetian Las Vegas, Sands Bethlehem and The Palazzo Las Vegas venues, annual revenues reached $2.218 billion, which represented a decline of 0.13% year-on-year, while the fourth-quarter figure decreased by just over 3.3% to $552 million.
For the final three months of 2018, the New York-listed firm explained that its overall net revenues had swelled by 2.5% year-on-year to reach $3.48 billion thanks in large part to income from its casino operations growing by some 1.8% to hit $2.461 billion.
Las Vegas Sands Corporation is also responsible for the Marina Bay Sands integrated casino resort in Singapore while the firm’s Chairman and Chief Executive Officer, Sheldon Adelson, announced that this establishment had seen ‘growth’ in its retail, hotel, mass gaming and retail segments to contribute some $362 million in fourth-quarter adjusted property earnings before interest, tax, depreciation and amortization.
Adelson’s statement read…
“We are pleased to have delivered strong financial results in the quarter, led by record mass revenues and continued growth in every market segment in Macau. Our integrated resort property portfolio in Macau delivered adjusted property earnings before interest, tax, depreciation and amortization of $786 million, an increase of 7.7% compared to the fourth quarter of 2017.”
Staying with adjusted property earnings before interest, tax, depreciation and amortization, Rob Goldstein, President and Chief Operating Officer for Las Vegas Sands Corporation, detailed that the annual figure for the Marina Bay Sands had dropped by 3.7% year-on-year to $1.69 billion while The Venetian Macao had recorded an over 21% boost to $1.378 billion. The executive went on to describe Macau as his firm’s ‘most important market’ thanks to a rise in market share precipitated by ‘record mass revenues’.
Goldstein’s statement read…
“Our growth in Macau is coming from every gaming and non-gaming segment. Looking ahead, we believe there is no better market in the world than Macau with regard to continued deployment of our capital.”