Sands China is back in the black with US$187m profit

Sands China (1928) reported a net income of US$187 million (HK$1.46 billion) in the second quarter, a significant improvement from the net loss of US$422 million in the same period last year.

The company's adjusted property earnings before interest, taxes, depreciation and amortization amounted to US$541 million, marking an increase from the adjusted property EBITDA loss of US$110 million in the second quarter of 2022.

The total net revenues also jumped by more than three times year-on-year to US$1.62 billion for the second quarter.

The chairman and chief executive of its parent company Las Vegas Sands, Robert Goldstein, expressed satisfaction with the strong recovery in travel and tourism spending in Macau during the quarter and looked forward to welcoming more guests in 2023 and beyond.

Their decades-long commitment to enhancing Macau's tourism appeal and supporting its development as a global center positioned them well for strong growth as visitation increased and travel spending recovered, Goldstein said.

Their dedication to investing in team members, communities and market-leading integrated resort properties placed them in an exceptional position for strong growth.

Additionally, their financial strength enabled continued investment and capital expenditure programs in both Macau and Singapore.

During the second quarter, The Venetian Macao recorded the highest casino revenue among all Sands China's casinos in Macau, amounting to US$523 million.

The Parisian Macao, among all the company's hotels, achieved the highest occupancy rate of 98 percent.

But the share price of Sands China decreased by 1.78 percent to HK$27.65 yesterday.

Meanwhile, the casino operator in Cambodia Nagacorp (3918) said its multi-functional entertainment and fully integrated resort Naga 3 in Phnom Penh needed four more years to complete. It was originally scheduled for 2025.

The firm extended the completion deadline for Naga 3 to the end of September 2029 or earlier.

It plans to focus initially on constructing the main podium, which will house the casino and leisure facilities, with an estimated investment of less than US$700 million.

The opening will be done in stages, starting when certain floors are completed, and it is expected to create synergies with neighboring Naga 1 and Naga 2.

Nagacorp recently revealed that its first-half gross gaming revenue only increased by 7.9 percent yearly to US$252.3 million.