Las Vegas Sands has shown a desire to expand into new markets, with Japan on the company’s radar in particular, as revenue for Q3 fell from $3.37 billion to $3.25 billion.
LVS ‘ casino segment significantly impeded its quarterly performance from $2.41bn to $2.32bn after offloading Pennsylvania’s former Sands Bethlehem, which transitioned to Wind Creek Bethlehem after the $1.3bn sale.
Convention, trade and others’ have declined to $116 million ($159 million), with spaces, food and beverages and shops progressively to $439 million (2018: $435 million), $199 million (2018: $195 million) and $175 million (2018: $170 million) respectively.
On a company’s wide-based operating income dropped 2.5 percent to $899 m (2018: $922 m), net income fell 4.3 percent to $669 m (2018: $699 m) and adjusted property EBITDA was $1.28bn in line with the quarter of the previous year.
Revenue from LVS ‘ Macau operations also fell slightly to $2.11 billion (2018: $2.15 billion), with a 17% rise to $196 million (2018: $167 million) at its The Plaza Macao and Four Seasons Hotel Macao offset by a 9% fall to $487 million (2018: $537 million) at Sands Cotai Central. With $851 m (2018: $857 m), the Venetian Macao retained its position at the dominant market power of the group.
Properties in the home market companies headquartered in Las Vegas saw sales boost by seven percent to $406 million (2018: $379 million), with its Singapore-based Marina Bay Sands coming in at $793 million over the span, up 3.5 percent from $766 million.
“We delivered solid financial results in the quarter, with adjusted property EBITDA reaching $1.28bn,” said Sheldon Adelson, chairman and chief executive officer. “We remain enthusiastic about our future growth opportunities in Asia.
“Next year, we will introduce approximately two million square feet of luxurious suite accommodations on the Cotai Strip 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. Looking further ahead, the expansion of Marina Bay Sands in Singapore will expand our suite capacity by 40 per cent and introduce a state-of-the-art entertainment arena, both of which should contribute to growth in the future.
“We are also aggressively pursuing additional development opportunities in new markets, including in Japan.”