Casino operator Las Vegas Sands leaned heavily on its Asian operations in Q3 while its stateside casinos endured mixed fortunes.
Sands reported revenue of $3.2b in the three months ending September 30, up 7.7% from Q3 2016. Adjusted property earnings rose 6% to $1.2b while net income jumped 13% to $685m. Sands chairman/curmudgeon Sheldon Adelson credited “strong growth in both Macau and Singapore” for goosing Q3’s comparatives.
In Macau, the Sands China division reported revenue up 12.2% to $1.93b while net income jumped nearly one-quarter to $403m. Adjusted property earnings hit $652m, Sands China’s best result since Q1 2014, after which Beijing launched the corruption crackdown that led to a 26-month streak of monthly gaming revenue declines.
While some Sands China properties saw significant drops in VIP win rate, the overall numbers got a boost from the new Parisian Macao, which saw its VIP turnover jump nearly 85% from Q2. The Parisian, which opened in September 2016, reported VIP turnover of $6.95b, surpassing the $6.9b reported by company’s flagship Venetian Macao property.