Macau casino operator Sands China (1928) said on Thursday its first-quarter profit dropped around 32 percent year-on-year to US$202 million (HK$1.58 billion), as capital expenditures rose sharply.
The company reported net revenue of US$1.7 billion in the March quarter, down 5.7 percent from a year earlier.
Adjusted property earnings before interest, taxes, depreciation and amortization dropped more than 12 percent year-on-year to US$535 million.
Most of its Macau properties, including the Venetian Macao, the Londoner Macao, and Sands Macao, recorded year-on-year declines in both net revenue and adjusted property EBITDA.
Capital expenditures during the first three months totaled US$379 million, up from US$196 million a year earlier. That included US$197 million spent on construction, development, and maintenance activities in Macau, and US$175 million at Marina Bay Sands in Singapore.
Parent company Las Vegas Sands said its financial strength and industry-leading cash flow continue to support ongoing investment and capital expenditure programs in both Macau and Singapore.
STAFF REPORTER
