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Parisian drives Sands China 17Q3 results

Sands China delivered its 17Q3 results on Wednesday, reporting revenue and EBITDA growth in line with consensus estimates.

According to a filing from Sands China, total net revenues for Sands China rose 12.2 percent to $1.93 billion in 17Q3, while net income was posted at $403 million, an increase of 24.4 percent year on year.

Chairman and chief executive officer of Las Vegas Sands, Sheldon Adelson said both mass and VIP gaming volumes for Sands in Macau outpaced growth in the overall Macau market.

Adelson said that strong gaming performance, along with higher hotel occupancy and retail mall revenues helped drive an adjusted property EBITDA to US$652 million, its best quarterly result since the fourth quarter of 2014.

The Parisian Macao saw especially strong visitation, with the property delivering adjusted property EBITDA of US$135 million for the quarter, up 27.4 percent from the preceding quarter.

“Now clearly established as a ‘must see’ destination for visitors to Cotai, The Parisian Macao delivered sequential growth in visitation, hotel occupancy, ADR and gaming volumes,” said the company.

“We expect The Parisian Macao to deliver continued growth in the years ahead as we further align the property’s suite of offerings to appeal to every segment of the evolving Macau market,” it added.

The operator also noted further investment ahead at its Sands Cotai Central and Four Seasons Hotel Macau, with over $1.1 billion in new capital projects over the next three years.

The bulk of the investment will be used for turning Sands Cotai Central into a new destination integrated resort, The Londoner Macao.

The Londoner Macau will feature dynamic new attractions and features from London including some of London’s most recognizable landmarks, an expanded and reimagined retail mall and 350 luxurious new suites, the St. Regis Tower Suites.

The company is also looking to expand the Four Seasons Hotel Macau by opening an additional 295 new suites in a separate tower, the Four Seasons Hotel Tower Suites.

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