Las Vegas Sands has shared its financial report for the first quarter of 2023. The company’s quarterly revenue surpassed Wall Street estimates as March visitation levels accelerated gaming volumes, retail sales, and hotel occupancy.
Net revenue for the period was $2.12 billion, compared to $943 million in the prior year. Operating income was $378 million, compared to an operating loss of $302 million in the same period last year. The figure surpassed analysts’ average estimate of $1.8 billion.
Meanwhile, net income from continuing operations in the first quarter of 2023 was $145 million, compared to a net loss from continuing operations of $478 million in the first quarter of 2022.
“While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, a robust recovery in travel and tourism spending across our markets is underway. We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead,” said Robert G. Goldstein, chairman, and chief executive officer.
In a statement, the Nevada-based casino company said it expects its ongoing investments in both Macau and Singapore will position it for future growth, and support for local communities where it operates remains “central” to its efforts.
Robert G. Goldstein
“In Singapore, we were pleased to see the ongoing recovery at Marina Bay Sands progress during the quarter, with the property again delivering outstanding levels of performance in both mass gaming and tenant sales. We remain energized by the opportunity to introduce our new suite product to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.
The company expressed satisfaction with the ongoing recovery in Macao, noting that it has accelerated during the quarter in both gaming and non-gaming segments. They conveyed their enthusiasm for the opportunity to continue investing in enhancing Macao’s tourism appeal for travelers from the region, including foreign visitors.
“Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds,” the executive added.
According to the company, Macao’s overall visitations citywide were up 22% in March compared to the first 2 months of 2023. Visitation levels are still trending at about 40% of 2019 levels.
Ongoing labor constraints continue to impact hotel room availability, as 31% of hotels remain out of service in Macao. The company expects levels to rebound significantly by the third quarter in time for the summer holiday season.
Las Vegas Sands earned an adjusted 19 cents per share in the quarter, compared with analysts’ expectations for 20 cents per share, according to Refinitiv data.
