It was a strong quarter for Sands China, which reported revenue growth of 7.7 percent to $1.75 billion.
While a slight decline from the previous month, the results underscore the company’s year-over-year growth as the region looks to return to pre-pandemic traffic and revenue levels.
The company also announced that it repurchased $400 million worth of LVS shares during the quarter as part of its share repurchase program.
Robert Goldstein, Chairman and CEO of Sands China’s parent company Las Vegas Sands, noted: “In Macau, the ongoing recovery continued during the quarter, although visitation to the market remains well below the levels reached prior to the pandemic.
Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world center of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses”.
In addition, results were somewhat hampered by low retention in the rolling play in the Macau region, which negatively impacted real estate EBITDA by $4 million.
Goldstein also noted that the company’s growth mirrors growth in Macau and Singapore, expressing confidence and enthusiasm for both markets in the second half of the year.
Robert Goldstein added: “In Singapore, Marina Bay Sands again delivered strong financial and operating performance. Our new suite product and elevated service offerings position us for additional growth as travel and tourism spending in Asia continues to advance.
Our financial strength and industry-leading cash flow continue to support our ongoing investment and capital expenditure programs in both Macau and Singapore, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders”.
This comes after Macau benefited from a record strong May, with gross gaming revenue (GGR) reaching its highest level since the pandemic.
According to InsideAsianGaming, total GGR was $2.52 billion for the month, up 29 percent year-on-year. Further confirming the region’s positive trend, Macau also saw 9 percent growth in GGR in April, continuing its recovery from a difficult period thanks to the lifting of pandemic-related restrictions.
In an interview with Bloomberg China, Maria Helena de Senna Fernandes, Director of the Macau Tourism Office, reported significant growth in tourism in the region, predicting that a total of 33 million tourists will visit the region this year.
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