Casino Gambling Business: Las Vegas Sands Generates $3B In Revenue In Q2Gaming Win Up More Than 20 Percent For Company |
|
Las Vegas Sands, the largest casino developer in the world based on revenue, said that it took in $3.14 billion in the second quarter, up 18.6 percent year-over-year.
The company, which has casinos in the U.S., China and Singapore, won $2.46 billion from gamblers during the quarter ending June 30, up more than 22 percent year-over-year
The performance, which beat Wall Street expectations, was largely due to the company’s business in Asia. Sands has benefited from a market turnaround in Macau. The city has recorded 12 straight months of gaming revenue gains, which followed a two-year downswing. Since 2002, Sands has invested more than $13 billion in the only Chinese city with legal gambling.
Sands’ six properties in Macau generated $1.82 billion of the $3.14 billion, the company said. Its revenue there was up 23 percent compared to $1.48 billion from the second quarter of 2016.
“The Macau market is growing and its growth rate has been accelerating for four consecutive quarters,” Sands’ Chairman Sheldon Adelson said in a statement. “At the same time, the significant new supply that has been added on [the] Cotai [Strip] since 2015, amounted to more than 8,000 hotel rooms and more than US$13 billion of additional invested capital, has successfully been absorbed by the market.”
The company’s casino in Singapore, Marina Bay Sands, saw its revenue increase 17.7 percent in the quarter to $836 million. That was thanks to the gamblers, with gaming win of $690 million representing a 24 percent gain year-over-year.
The company’s Nevada properties, The Venetian Las Vegas, The Palazzo and the Sands Expo and Convention Center, generated $384 million in revenue during the quarter, up eight percent year-over-year. Nearly $100 million of the total came from gaming, up nearly 20 percent.
Adelson
According to Sands, its expected baccarat win percentage is 18-26 percent, better than the rest of the table games which have an expected win percentage of 16-24 percent.
Over in Pennsylvania, where Sands has a single casino, revenue of $147 million was basically unchanged year-over-year. Gambling at Sands Bethlehem accounted for 93 percent of the revenue, but it was also less than a percent more than what was won during the same period last year. The Keystone State gaming market has been flat in recent years.
Sands said its company-wide net income increased 62 percent to $638 million in the second quarter of 2017, compared to $394 million in the year-ago quarter.
Copyright © 2001-2025
CardPlayer.com. All rights reserved.
