Las Vegas Sands achieved record financial results during the third quarter, buoyed by the "outstanding" performance of its Singapore property, Marina Bay Sands.
Net revenue for the third quarter of 2010 reached $1.91bn, an increase of 67.3 per cent compared with $1.14bn in the same period in the previous year. Consolidated adjusted property EBITDA increased 136.9 per cent to $645.2m, compared with $272.3m in 2009.
Operating income, meanwhile, increased to $383.3m, up from $62.4m in the third quarter of 2009. This increase was attributed to stronger results across the company’s properties in Macau and the first full quarter of operations at Marina Bay.
Sheldon Adelson, chairman and chief executive officer of Sands, said the company was “incredibly pleased” with the results.
“Strong revenue growth and increases in operational efficiency in Macau and outstanding results at Marina Bay Sands in Singapore contributed to substantial margin expansion and industry-leading financial performance overall,” he said. “We measure our financial success by the generation of EBITDA, not by our share of market revenue. We are therefore extremely proud to deliver an all-time quarterly record of $334.6m of adjusted property EBITDA for our Macau operations, with both The Venetian Macao and Four Seasons Hotel Macao and Plaza Casino delivering substantial revenue and adjusted property EBITDA growth and margin expansion. In Las Vegas, increases in gaming volumes and hotel revenues allowed us to deliver $58.3m of adjusted property EBITDA during the quarter.”
Marina Bay Sands generated the highest quarterly adjusted property EBITDA and EBITDA margin of any single property in the company’s history, $241.6m and 49.7 per cent, respectively.
“Both gaming volumes and visitation to the property have continued to trend upward since our opening, and we are gratified by the overwhelming reception the property has received,” Adelson continued. “One example of that growth is the increase in average daily adjusted property EBITDA of over 275 per cent from May to October.
“We are proud that Marina Bay Sands has already enhanced Singapore’s reputation as an international business and leisure destination. Looking ahead, we are confident that Marina Bay Sands will provide an ideal platform for strong growth and outstanding returns for our company."
