Strong visitation and overall growth in the Macau gaming market led to Sands China posting a 17% increase in profit in 2018, reaching US$1.9 billion. Sheldon Adelson, chairman and CEO of Sands China, said the company experienced growth in every segment in Macau.
Total net revenues increased 14.2% to US$8.7 billion, mainly driven by an increase in visitation as well as growth in the overall Macau gaming market.
The company said it was able to achieve “market-leading” visitation in Macau and was focused on driving the high-margin mass-market gaming business while providing luxury amenities and high service levels to its VIP and premium players.
Net casino revenues reached US$6.8 billion, increasing 15.9%, mainly attributable to revenue increases across all properties, especially at The Venetian Macao, as a result of strong growth in both the VIP and mass segments.
Room revenues also grew 12.7% in the year, reaching US$734 million.
Looking ahead, Adelson said it expects the growth to continue: “Over the next three years, we will increase our total investment to over US$15 billion as we make additional investments of US$2.2 billion to expand the market-leading scale of our hotel room, retail and entertainment offerings on Cotai.”
“Our Sands China business strategy remains straightforward: continue the execution of our Cotai Strip development strategy by leveraging our convention-based integrated resort business model and world-class amenities to contribute to Macau’s diversification. This strategy drives Sands China’s market-leading revenue and cash flow generation,” Adelson added. (AGB)