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Angel Hristov April 20, 2023 3 min read
LVS Q1 Results Skyrocket as Asian Markets Rebound
LVS reported robust recovery of its business in Asia, highlighting its intention to continue investing in these markets
Las Vegas Sands posted its financial results for the first quarter of the year, highlighting a robust recovery in Macau and Singapore. The leading integrated resort developer reported impressive revenues from its Asian operations.
LVS reported Q1 net revenue of $2.12 billion which is over two times higher than the figure recorded in Q1 2022. The operating income sat at $378 million far surpassing the operating loss recorded in the prior year period.
LVS also reported that its consolidated adjusted property EBITDA skyrocketed from $110 million in Q1 2022 to $792 million in Q1 2023.
LVS’ income tax expense for the first quarter was $50 million, compared to $2 million in Q1 2022. The company attributed the significant rise in expense to the profitability of its Singapore operations and Singapore’s 17% statutory rate.
As of March 31 this year, the company had an unrestricted cash balance of $6.53 billion. Its outstanding debts were $15.97 billion.
The Asian Markets Continue to Rebound
Sands China’s total net revenues increased by over a hundred percent from $547 million in Q1 2022 to $1.27 billion in Q1 2023. While the operator’s Asian business failed to record net profits, its net loss for the period was only $10 million, compared to $336 million in the prior year quarter.
Marina Bay Sands, the company’s property in Singapore, said that adjusted property EBITDA reached $394 million.
The adjusted property EBITDA in Macau, meanwhile, reached $398 million as the region continued to recover from the COVID-19 pandemic. Mass gaming revenue from the property in the special administrative region reached $1 billion for the first time since 2019.
Goldstein: Macau Will Continue to Invest in Macau, Singapore and Other Markets
Robert G. Goldstein, Las Vegas Sands’ chair and CEO, commented on the financial results. He noted that certain travel restrictions and reduced visitation continue to impact the company’s performance. However, the robust recovery in Asian markets helped the company’s financial metrics drastically increase throughout the quarter.
Marina Bay Sands, LVS’ Singapore property delivered “outstanding levels of performance,” Goldstein said. The CEO is thrilled to welcome more customers as airlift capacities continue to improve.
We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead.Robert G. Goldstein
Goldstein added that he is very pleased with the recovery recorded in Macau. He remains optimistic about the rebounding of the local market and is looking forward to welcoming more visitors as the travel restrictions ease up.
The CEO noted that the company’s financial strength continues to support its investments in Macau and Singapore and the pursuit of growth opportunities in new markets.