Casino operator Las Vegas Sands reported revenue of over $3.1b in Q1 2017 while profit soared to nearly half a billion, which, when you really think about it, ain’t too bad for three months’ work.
Figures released Wednesday show Sands generated revenue of $3.11b in the three months ending March 31, up 14.3% from the same period last year. Adjusted earnings were up 25% – up 9.5% on a hold-normalized basis – to $1.14b. Under less forgiving US accounting standards, operating income rose 30% to $763m and net income rose 50% to $480m.
Sands China’s revenue improved 15.3% to $1.88b, while net income gained 12% to $349m thanks mainly to last September’s launch of the Parisian Macao resort. The Parisian reported revenue of $318m, down from $344m in Q4 2016, but this was mainly due to VIP win rate falling back to earth from the absurdly high 4.52% in Q4.
However, the Parisian’s room occupancy fell nine points to 82%, and this was well before word leaked of the property’s recent outbreak of Legionnaires’ Disease. Fortunately, all four of Sands China’s other properties stepped up to the plate by reporting solid year-on-year occupancy gains.