Las Vegas Sands achieved record-breaking figures in the final quarter of 2023, with Adjusted Property EBITDA hitting US$1.20 billion. The impressive results were attributed to the revitalized operations in Macau and the outstanding success of Marina Bay Sands in Singapore, which set new revenue records.
Marina Bay Sands particularly stood out, with an Adjusted Property EBITDA of US$544 million, breaking all previous records for the casino. The EBITDA margin was an impressive 51.3%, with the company attributing its success to the high hold on rolling play, which contributed to a US$71 million impact on the EBITDA.
Net revenue also reached a new high, totaling US$1.06 billion, marking a 55.6% annual increase. This included casino revenues of US$741 million, reflecting a 3.9% increase from the previous quarter.
Sands China, Las Vegas Sands’ subsidiary in Macau, generated US$654 million in Adjusted Property EBITDA, surpassing the previous quarter’s revenue of US$631 million. Macau’s net revenue also soared to US$1.86 billion, a significant increase from the previous quarters and years.
Company-wide, Las Vegas Sands reported a net revenue of US$2.92 billion, marking a 161% increase from the previous year and a 4.3% increase from the previous quarter. In total, for the financial year 2023, the company earned a net revenue of US$10.4 billion, representing a remarkable 152% annual increase.
Robert Goldstein, the CEO and Chairman of Las Vegas Sands, expressed delight in the company’s financial and operating results, noting the ongoing recovery in the operating environment in both Macau and Singapore. He emphasized the company’s commitment to investing in and enhancing the business and leisure tourism appeal of Macau, supporting its development as a global center for business and leisure tourism.
Goldstein also highlighted the company’s dedication to supporting its properties in Macau and Singapore while also expanding its operations into new markets to fuel further growth.