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Las Vegas Sands (LVS) reported a nearly 40% year-on-year increase in net revenue to $2.96bn for Q1 2024, with the group’s Singapore property being the standout performer.

The operator’s consolidated adjusted property EBITDA increased by 52.8%, reaching $1.2bn.

Macau contributed $610m to the total, while Singapore’s Marina Bay Sands added $597m, up 10% on the previous record from Q4 2023.

Operating income rose by 89.5% to $717m compared to Q1 2023, while net income soared 301.7% to $583m.

LVS chairman and CEO Robert G. Goldstein said the ongoing recovery in Macau continued during the quarter.

“Our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world centre of business and leisure tourism positions us well as the recovery in travel and tourism spending progresses.”

Goldstein also referenced his previous indication that the Macau market will grow to $40bn and beyond in the years ahead.

“I remain steadfast in our belief. We remain equally confident in our business strategy to invest in both the quality and scale of our market-leading assets in Macau.

“Our capital investment programmes ensure that we will continue to be the market leader in the years ahead,” he added.

Records in Singapore

Goldstein particularly underscored the exceptional success of the Marina Bay Sands in Singapore during the past quarter, attributing it to new suite offerings, improved services, and a robust entertainment calendar.

He also pointed out the potential for further growth as travel capacity increases and tourism spending in Asia advances.

During the earnings call, Bank of America Merrill Lynch analyst Shaun Kelley enquired about the sustainability of EBITDA above $500m, citing potential drivers such as events like Taylor Swift concerts and changes in Chinese visa policies.

Goldstein expressed confidence in surpassing this mark, stating: “I think we believe $500m a quarter annualised is very durable and more.”

The CEO praised the government’s support in Singapore, foreseeing continued growth driven by various events and initiatives.

“It’s not just Taylor Swift. It’s Bruno Mars, it’s the Hamilton show, it’s endless events,” he said.

LVS president and COO Patrick Dumont echoed Goldstein’s optimism about the future of Singapore, saying: “There are a lot of customers that are new to Singapore, new to Marina Bay Sands, and they’re affluent and very successful, and they want to consume and they want to take advantage of the things Singapore has on offer.”

Disappointed in New York

Turning to New York, where the company’s bid for a casino licence continues to hang in the balance, LVS president and COO Patrick Dumont said:

“We’re very disappointed by New York. We’ve been working there for a long time and we thought it was going to happen in 2024.

“Now they’re saying 2025 or 2026, but I don’t think we have any real clarity. And to be honest with you, it’s confusing and disappointing because we’ve done a lot of work in New York and put a lot of time into it. So, I have no guidance because I don’t really know what to tell you.”

Thailand on the radar

Goldstein also discussed potential opportunities in Thailand, indicating LVS’s interest in the market and the possibility of faster development compared to Japan.

He emphasised ongoing assessments and discussions to determine the feasibility and potential of entering the Thai market, stating:

“We absolutely have interest in Thailand. It’s a very, very exciting market in a lot of levels, and just the sheer size of population, the accessibility and the willingness of people travel to Thailand, it’s obviously, I think, number one resort destination in Asia.

“So we’re interested, we’re listening. We’re doing the work to find out what makes sense for us there.”

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