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<Results>SANDS CHINA LTD (01928.HK) 1Q24 Adj. Property EBITDA Hikes 53% YoY
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Las Vegas Sands Corp., the controlling shareholder of SANDS CHINA LTD (01928.HK), announced its financial results for the first quarter ended 31 March 2024. On a US GAAP basis, total net revenues for SANDS CHINA hiked 42% YoY to US$1.80 billion for 1Q24. Net income reached US$297 million for the quarter, compared to a net loss of US$10 million in 1Q23. Adjusted Property EBITDA was US$610 million during 1Q24, lifting 53.3% compared to US$398 million for 1Q23. SANDS CHINA's interest expense, net of amounts capitalised, was US$182 million for 1Q24, compared to US$218 million in 1Q23. Its weighted average borrowing cost was 5.0% during 1Q24, compared to 5.4% during 1Q23. The effective income tax rate for 1Q24 was 2.8%, compared to 25.6% in 1Q23. The income tax rate for 1Q24 was primarily driven by a 17% statutory rate on its Singapore operations and favourably impacted by the finalization of tax agreements in Macao. Capital expenditures during the first quarter totalled US$196 million, including construction, development and maintenance activities of US$90 million in Macao. For Venetian Macao, net revenues elevated 38.2% YoY to US$771 million in 1Q24, with Adjusted Property EBITDA lifting 49.5% to US$314 million. Net revenues from Londoner Macao surged 98.6% YoY to US$562 million, with Adjusted Property EBITDA soaring 2.1x. Net revenues from Parisian Macau inclined 32.2% YoY to US$230 million and Adjusted Property EBITDA hiked 54.3% to US$71 million. Net revenues from Plaza Macao declined 17.4% YoY to US$142 million and Adjusted Property EBITDA crumpled 52% to US$36 million. Net revenues from Sands Macao incremented 2.7% YoY to US$76 million and Adjusted Property EBITDA rose 20% to US$12 million. Las Vegas Sands has completed the previously announced purchase of US$250 million of SANDS CHINA's shares, which increases the parent's ownership interest in the Macao subsidiary to approximately 71%. Las Vegas Sands also continues to see value in increasing its ownership interest in SANDS CHINA. AAStocks Financial News |
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