Land casino giant Las Vegas Sands has announced their second quarter financial results, revealing that earnings fell short of expectations for investors.
Key financial indicators for the second quarter ending June 30th, 2018 were:
- Consolidated net revenue of $3.3 billion, up 6.2% from last year
- Operating income down 2.4% to $797 million
- Sands Macau revenue up 18% to $2.11 billion
- Macau net income up 30% to $427 million
- Venetian Macau revenues of $830 million, up 23.1%
- Rolling chip volume up 44.3% to $7.46 billion
- Marina Bay Sands Singapore revenue down 15.5% to $705 million, with EBITDA down 25.2% to $368 million
Company CEO Sheldon Adelson spoke about the results noting: "We experienced strong growth in both the VIP and mass table games segments, enabling us to grow our market share of gaming revenue both year-over-year and sequentially. Our Macao operations are back to generating an annualized EBITDA run rate of $3 billion. Marina Bay Sands continue to produce strong cash flows, while Las Vegas has another strong quarter on a hold-normalized basis."