Your Daily Asia Gaming eBrief: Macau recovery drives LVS to strong profit

Thursday 20th of July 2023

Good Morning. Las Vegas Sands' bet on Asia is continuing to deliver, with Sands China raking in some $1.6 billion in revenue during the second quarter and championing EBITDA figures of $541 million, even as it reversed a loss from the same quarter last year. In the Philippines, PAGCOR says it received some $662 million in the first half-year, up 35 percent and contributing to nation-building. And in Malaysia, Maybank sliced its expectations for Genting, upon a slow recovery in foreign visitation.

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What you need to know

Macau and Singapore are driving Las Vegas Sands' recovery, with some $1.6 billion in revenue from the gaming capital.
PAGCOR says it has recorded total income of $662 million in 1H23, a 35.6 percent increase from the same period of last year.
Maybank cut its profitability expectations for Genting in 2023, with slower-than-expected recovery in foreign visitor arrivals for Genting Malaysia.

On the radar

NagaCorp net profit up 57 percent in 1H23, to $83 million.
Macau June visitor tally is down month-on-month.
China: 42.8 million travel visas issued to Macau, HK, and Taiwan in 1H23.

AGB Intelligence

MACAU

Sands China revenue tops $1.6 billion in 2Q23

Macau’s Las Vegas Sands saw strong results from its Macau component, with some $1.62 billion in revenue during the second quarter, even as Singapore continued to deliver strong results. The group also reversed a yearly loss, garnering some $187 million in profit, even as property EBITDA rose to $541 million - proving the group's progression into non-gaming is yielding results.