Sands China records profit spike in 2017

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In Macau, integrated resort developer and operator and subsidiary of Las Vegas Sands Corp, Sands China Limited, reportedly ended 2017 with a 31 percent profit increase, reaching US$1.6 billion, according to the operator’s preliminary results filing on Thursday.

Asia Gaming Brief reports that the Macau-headquartered firm’s net revenues for 2017 reached US$7.7 billion, an increase of 16 percent, while its adjusted earnings before interest, taxes, depreciation and amortization rose to US$2.6 billion an increase of 16.4 percent.

Chairman and CEO for Sands China, 84-year-old Sheldon Adelson, reportedly said, “Market conditions in Macau improved meaningfully during the year… the Parisian Macao, our latest integrated resort on Cotai, enjoyed a very successful first full year of operation.”

In the Feb 15th filing, Sands China reportedly said that the profit uptick was strengthened by its mass gaming segment, which gained support from an increase in hotel accommodation patronage, entertainment events and retail shipping.

Adelson went on to say that, “Sands China has now invested approximately US$13.0 billion to deliver on our promise to help Macao in its economic diversification and its continued evolution into the world’s leading business and leisure tourism destination,” according to Asia Gaming Brief.

“We look to the future with confidence. We have a strong organic growth outlook that will continue to benefit from our industry-leading investments, our unmatched scale, the secular growth in Chinese middle-class wealth creation and increasing demand for travel and entertainment,” said Adelson.

Sands China Limited announced prior to the end of January a salary increase for eligible employees.

Sands China records profit spike in 2017 was last modified: February 16th, 2018 by K Morrison