Las Vegas Sands Reports Q4 Revenue of $2.92bn, Yet to Fully Recover from Pre-Covid Levels
Las Vegas Sands has disclosed its Q4 2023 earnings, revealing a revenue of $2.92bn, marking a substantial 161% increase compared to the previous year. However, the revenue remains below pre-Covid levels, showing a decline of 16.9% from Q4 2019. A significant portion of this quarter’s revenue, amounting to $1.06bn, was generated by Marina Bay Sands, the company’s Singapore operation. This represents a notable 55.6% growth from the previous year and a 24.4% increase compared to Q4 2019, underscoring the resilient performance of the Singapore business amidst the ongoing recovery.
In contrast, the company’s Macau operations continue to lag behind 2019 levels, with a total revenue of $1.86bn from its five casino resorts and other ventures. Although this reflects a substantial 319.6% increase from Q4 2022, it remains 16.9% lower than Q4 2019.
Among Sands’ Macau properties, The Venetian Macau contributed the most financially with $748m, followed by The Londoner Macau and The Parisian Macau, generating $589m and $222m, respectively. While there is a 16.9% gap in net revenue between 2019 and 2023, adjusted property EBITDA paints a slightly different picture. The adjusted property EBITDA for Q4 2023 stood at $1.2bn, compared to $1.39bn in Q4 2019, indicating a 13.7% decrease. This suggests that EBITDA may recover to pre-Covid levels before net revenue does.
Despite not surpassing 2019 figures, the growth observed from last year, the revenue from Singapore, and the gradual narrowing of the Macau revenue gap from 2019 signal a recovery in the Asian gaming market. MGM China reported revenue exceeding pre-Covid levels in Q3 2023, while Macau’s Gaming Inspection and Coordination Bureau reported significant revenue growth in 2023 compared to the previous year.
Furthermore, the robust performance of other Asian territories like the Philippines, with record-high revenue reported by PAGCOR in 2023, demonstrates the resilience of the Asian gambling market. Combined with the developments such as the first Japanese casino resort in Osaka and the Mohegan Inspire receiving a five-star hotel rating, the future of Asian gaming appears promising, albeit still on the path to full recovery.
