• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

LVS 3Q profit down 7pct, stays upbeat on Macau outlook

Oct 24, 2019 Newsdesk Latest News, Macau, Singapore, Top of the deck, World  


LVS 3Q profit down 7pct, stays upbeat on Macau outlook

Third-quarter net income attributable to shareholders of United States-based casino operator Las Vegas Sands Corp was down 6.7 percent year on year. Such net income for the three months to September 30 was US$533 million, compared to US$571 million in the prior-year quarter.

Group-wide net revenue stood at US$3.25 billion, down 3.6 percent from a year earlier, said Las Vegas Sands in a press release on Wednesday.

The firm is parent to Macau casino operator Sands China Ltd, and also to Marina Bay Sands Pte Ltd, the operator of the Marina Bay Sands casino resort in Singapore. It also runs operations in Las Vegas, Nevada, in the United States.

In the third quarter, Sands China’s net revenue was almost flat year-on-year, down 1.9 percent, at US$2.11 billion, compared to US$2.15 billion in the same quarter of 2018. Net income for the period remained flat at US$454 million, said the parent firm.

The overall Macau market has so far this year seen a mild year-on-year contraction in casino gross gaming revenue (GGR), driven by a significant dip in VIP rolling volume and VIP GGR. But Macau-market mass GGR including slots – which Las Vegas Sands describes as its strength – has had significant expansion.

At Marina Bay Sands, net revenues rose 3.5 percent year-on-year, to US$793 million, compared to US$766 million a year earlier.

Las Vegas Sands’ chairman and chief executive Sheldon Adelson said in remarks accompanying the press release that the group had delivered “solid financial results” in the reporting quarter.

Mr Adelson said the group remained “enthusiastic” about its growth opportunities in Asia.

Mr Adelson noted in his comments, referring to the Macau market: “Next year, we will introduce approximately 2 million square feet [185,806 sq metres] 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.”

The latter was a reference to a conversion of Sands Cotai Central to a property themed on architecture from the United Kingdom’s capital city.

The group paid a recurring dividend of US$0.77 per common share, an increase of 2.7 percent on the US$0.75 per share paid in the third quarter a year earlier.

The board also announced a US$0.08 Increase in the company’s recurring common stock dividend for the 2020 calendar year.

Asia performance 

In the third quarter, adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) for Macau operations was flat at US$755 million, compared to US$754 million in the prior-year period.

At Marina Bay Sands, such adjusted quarterly property EBITDA was up 3.8 percent, at US$435 million, compared to US$419 million the year before.

In Macau, rolling chip volume at the Venetian Macao (pictured) was down 20.6 percent year-on-year in the third quarter. Such roll was US$5.89 billion, compared to just under US$7.43 billion a year earlier.

A Thursday note from JP Morgan Securities (Asia-Pacific) Ltd described Sands China’s Macau-wide quarterly VIP performance as “dismal”.

Analysts DS Kim, Jeremy An and Derek Choi wrote: “Its VIP GGR fell 22 percent quarter-on-quarter and 36 percent year-on-year, with big declines in rolling volumes (-11 percent quarter-on-quarter, -30 percent year-on-year).”

But the institution added: “The good news is that this segment doesn’t really move the needle for Sands [China] anyway, as VIP (including direct) accounts for only 7 to 8 percent of its EBITDA.”

Andrew Lee and Lois Zhou of Jeffries Group LLC noted in a Wednesday memo that there had been “ongoing VIP weakness with rebound uncertainty, and Sands Cotai Central renovations impacting earnings”.

But the Jeffries analysts added there had been a “positive” in the premium mass segment, which had “recovered from second-quarter 2019 weakness with management shifting more tables from base mass”.

During the reporting period, non-rolling chip drop at the Venetian Macao was up 7.6 percent year-on-year, at US$2.34 billion, compared to just under US$2.18 billion a year earlier.

Slot handle at the Venetian Macao leapt 23.4 percent year-on-year, to US$996 million, from US$807 million.

The trend was similar in the other Macau properties operated by Sands China, with rolling chip volume at the Parisian Macao down 24.8 percent, but its non-rolling chip drop up 7.3 percent from the prior-year period.

At Marina Bay Sands, third-quarter rolling chip volume was up 2.4 percent year-on-year, at just under US$7.27 billion, compared to US$7.09 billion in the prior-year period.

Non-rolling chip drop there was up 4.6 percent judged annually, at US$1.42 billion, compared to nearly US$1.36 billion in the third quarter of 2018.

Slot handle at Marina Bay Sands was down 3.7 percent year-on-year, at US$3.49 billion, compared to just over US$3.62 billion a year earlier.

A filing by Sands China to the Hong Kong Stock Exchange gave some comments by CEO Mr Adelson from the group’s earnings call.

He noted: “We remain steadfast in our belief that Macau is the best market in the world with respect to the continued deployment of our capital.”


  • tweet
Related articles
  • No Macau op yet asked GGR tax rate exemption: govt
    No Macau op yet asked GGR tax rate...

    Jun 09, 2023  

  • MBS en route to US$500mln quarterly EBITDA: LVS boss
    MBS en route to US$500mln quarterly...

    Jun 01, 2023  

More news
  • IGT casino, digital biz listing has potential: analyst
    IGT casino, digital biz listing has...

    Jun 09, 2023  

  • Jackpot tech focus on tables not just slots: Paltronics
    Jackpot tech focus on tables not just...

    Jun 09, 2023  


Latest News

No Macau op yet asked GGR tax rate exemption: govt

No Macau op yet asked GGR tax rate exemption: govt

Jun 09, 2023  

None of Macau’s six gaming concessionaires have so far applied for a form of “exemption” from the full 40-percent tax rate on casino gross gaming revenue (GGR), as potentially applicable...
Read More
IGT casino, digital biz listing has potential: analyst

IGT casino, digital biz listing has potential: analyst

Jun 09, 2023  

G2E Asia 2023: Singapore

  • Jackpot tech focus on tables not just slots: Paltronics
    Jackpot tech focus on tables not just slots: Paltronics

    Jun 09, 2023  

    Commercial opportunities for utilisation of...
  • Konami taps market-tried slots to refresh Asia op offer
    Konami taps market-tried slots to refresh Asia op offer

    Jun 08, 2023  

    Gaming content and equipment maker Konami says it is...
  • L&W building game content across 3 pillars: Ken Jolly
    L&W building game content across 3 pillars: Ken Jolly

    Jun 07, 2023  

    Casino gaming content and hardware provider Light &...
  • ETGs rapid growth segment in Asia: Interblock Michael Hu
    ETGs rapid growth segment in Asia: Interblock Michael Hu

    Jun 06, 2023  

    Electronic table games (ETGs) supplier Interblock dd is...
  • GLI offering RNG test tools, cybersecurity demand growing
    GLI offering RNG test tools, cybersecurity demand growing

    Jun 05, 2023  

    Random number generator (RNG) testing tools are among the...
  • Alfastreet’s new Verso cabinet heading to Asian markets
    Alfastreet’s new Verso cabinet heading to Asian markets

    Jun 01, 2023  

    Alfastreet, a manufacturer of electronic gaming machines,...
  • Sega Sammy Creation growing land-based, eyes online
    Sega Sammy Creation growing land-based, eyes online

    Jun 01, 2023  

    Casino equipment maker Sega Sammy Creation Inc is tweaking...
  • iGaming growing in Asia, ops tackling challenges: Uplatform
    iGaming growing in Asia, ops tackling challenges: Uplatform

    Jun 01, 2023  

    The iGaming segment in Asia “has grown rapidly” since...
  • ‘See before you play’ slot marketing tool, say tech suppliers
    ‘See before you play’ slot marketing tool, say tech...

    May 31, 2023  

    Showing slot machine players – via animations on the...
  • Macau stocks tied to China outlook: Bloomberg analyst
    Macau stocks tied to China outlook: Bloomberg analyst

    May 31, 2023  

    Macau stocks in likelihood “have been punished too much...
  • Investors still eye possible fresh IR locations in Japan: scholar
    Investors still eye possible fresh IR locations in Japan:...

    May 31, 2023  

    There are foreign companies still interested in investing...
  • Thai casino law possible in 2024, IR in 2030: govt adviser
    Thai casino law possible in 2024, IR in 2030: govt adviser

    May 31, 2023  

    Thailand could pass the necessary enabling legislation for...
  • China still ‘critical’ to Asian markets: G2E Asia panel
    China still ‘critical’ to Asian markets: G2E Asia panel

    May 30, 2023  

    China will remain a key market for Asian gaming...
  • Much interest in state casinos sale, says Pagcor boss Tengco
    Much interest in state casinos sale, says Pagcor boss

    May 30, 2023  

    Alejandro Tengco (pictured in a file photo), chairman and...
  • Gaming industry in for a very exciting period: Bill Miller
    Gaming industry in for a very exciting period: Bill Miller

    May 30, 2023  

    There are “plenty of reasons” for the global gaming...
  • IGT flags route to high-performing games for Asia
    IGT flags route to high-performing games for Asia

    May 30, 2023  

    Gaming equipment provider International Game Technology Plc...
  • G2E Singapore trade show, conference begins today
    G2E Singapore trade show, conference begins today

    May 30, 2023  

    The Global Gaming Expo (G2E) Asia 2023 Special Edition:...
  • Novomatic’s Black Edition II cabinets at G2E in Singapore
    Novomatic’s Black Edition II cabinets at G2E in Singapore

    May 29, 2023  

    Austria-based gaming equipment maker and operator Novomatic...
  • Uplatform to show latest iGaming products at G2E Singapore
    Uplatform to show latest iGaming products at G2E Singapore

    May 25, 2023  

    Sports betting and online casino operating platform...
  • L&W ambition to be No1 in Asia well on its way: SVP gaming
    L&W ambition to be No1 in Asia well on its way: SVP...

    May 24, 2023  

    The business performance in Asia of gaming content and...
  • G2E Singapore expecting 6k visitors, 100+ exhibitors
    G2E Singapore expecting 6k visitors, 100+ exhibitors

    May 18, 2023  

    The organisers of Global Gaming Expo (G2E) Asia 2023...
  • ‘Dragon Unleashed’ slot link by L&W at G2E in Singapore
    ‘Dragon Unleashed’ slot link by L&W at G2E in...

    May 17, 2023  

    Gaming content and equipment supplier Light & Wonder...
  • Sega Sammy Creation new multi-ETG at G2E in Singapore
    Sega Sammy Creation new multi-ETG at G2E in Singapore

    May 16, 2023  

    Casino equipment maker Sega Sammy Creation Inc is to...
  • Aristocrat at G2E Asia in Singapore previews Year of Dragon
    Aristocrat at G2E Asia in Singapore previews Year of Dragon

    May 09, 2023  

    Casino slot machine and digital gaming content provider...
  • IGT ‘Prosperity’ link in Asia show debut G2E in Singapore
    IGT ‘Prosperity’ link in Asia show debut G2E in...

    May 05, 2023  

    The Global Gaming Expo (G2E) Asia event in Singapore is the...
  • Thai parliament adviser on casinos attending G2E Singapore
    Thai parliament adviser on casinos attending G2E Singapore

    May 04, 2023  

    An adviser to a Thailand parliamentary committee mulling...

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We believe the intrinsic value of IGT’s market-leading businesses and diversified cash flow profile is not currently reflected in our stock price and the timing is right to assess opportunities that may enhance value for IGT’s shareholders”

Marco Sala

Executive chair of casino equipment supplier IGT



Most Popular

  • China Politburo meeting key for any policy shift: UBSChina Politburo meeting key for any policy shift: UBS June 7, 2023
  • No Macau op yet asked GGR tax rate exemption: govtNo Macau op yet asked GGR tax rate exemption: govt June 9, 2023
  • Suntrust to get up to US$446mln loan from local bankSuntrust to get up to US$446mln loan from local bank June 9, 2023

Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us