Sands China income flat at US$454m, The Venetian casino revenues unchangedBusiness | 24 Oct 2019 11:13 am
Macau casino resorts operator Sands China reported that net income for the third quarter ended September 20, was flat at US$454 million, while on a US GAAP basis, total net revenues fell by 2 percent, compared with the third quarter of 2018, to US$2.11 billion.
Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands, said the company will introduce about two million square feet of luxurious suite accommodations on Cotai in Macau with the opening of the Grand Suites at Four Seasons Macao and The Londoner Tower Suites.
“Additional tourism and entertainment amenities of The Londoner Macao will debut throughout 2020 and 2021.''
He said LVS delivered solid financial results in the quarter, with adjusted property EBITDA reaching US$1.28 billion.
Capital expenditures during the third quarter was US$303 million, including construction, development and maintenance activities of US$183 million in Macau.
Casino revenues at The Venetian Macao were unchanged at US$689 million from the year before quarter. Food and beverage revenue dropped by 19 percent to US$17 million, from US$21 million in the year before.
Convention, retail and other revenues fell by 24.1 percent on-year to US$22 million from US$29 million.