- Adjusted EBITDA increased 39.0% to a record US$626.0 million (HK$4,860.4 million)
- Total net revenues increased 38.9% to a record US$2,007.4 million (HK$15,585.9 million)
- Net income increased 62.3% to US$453.4 million (HK$3,520.3 million)
- A record-setting 14 million visits to the Company's Cotai Strip properties during the quarte
(Macao, May 10, 2013) - Sands China Ltd. (HKEx: 1928) announced today a record performance in its first quarter of 2013, with double-digit increases in three key performance indicators: revenue, adjusted EBITDA and income.
Total net revenues increased 38.9% to a record US$2,007.4 million (HK$15,585.9 million) for the first quarter of 2013, compared to US$1,445.1 million (HK$11,220.8 million) for the first quarter of 2012. Adjusted EBITDA for the quarter increased 39.0% to a record US$626.0 million (HK$4,860.4 million), compared to US$450.5 million (HK$3,498.0 million) for the same quarter 2012. Net income increased 62.3% to US$453.4 million (HK$3,520.3 million) for the first quarter of 2013, compared to US$279.3 million (HK$2,168.7 million) for the first quarter of 2012. Adjusted profit increased 23.1% to US$458.9 million (HK$3,563.0 million) for the first quarter of 2013, compared to US$372.7 million (HK$2,893.9 million) for the first quarter of 2012.
"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business, said Las Vegas Sands Corp. and Sands China Ltd. Chairman Sheldon G. Adelson. "We remain confident that our market-leading Cotai Strip properties - The Venetian® Macao, Four Seasons Hotel Macao and Plaza™ Casino, and Sands® Cotai Central, with their unrivalled hotel inventory of nearly 9,000 rooms and suites, including the world's largest Sheraton, Conrad and Holiday Inn, and 28 million square feet of interconnected Integrated Resort capacity - will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travellers and provide an outstanding platform for growth in the years ahead."
Edward Tracy, President and Chief Executive Officer, Sands China Ltd. said: "The Company has been performing extremely well, and I'd like to express my sincere appreciation to all of our team members, whose dedication and commitment is a key factor in the ongoing success of the Company."
The Venetian Macao
The Venetian Macao continued to enjoy strong visitation and financial performance in the first quarter of 2013. The property delivered a record adjusted property EBITDA of US$348.6 million, an increase of 23.6% compared to the first quarter of 2012. Mall revenues increased 15.2% during the quarter compared to the same period last year.
Sands Cotai Central
The first two phases of Sands Cotai Central opened on April 11 and September 20, 2012, respectively. Approximately 2,100 additional Sheraton rooms opened on January 28, 2013. Net revenues and adjusted property EBITDA for the first quarter of 2013 were US$583.6 million and US$131.2 million, respectively, resulting in an EBITDA margin of 22.5%. Visitation to the property continues to expand, reaching in excess of 3.4 million visits in the quarter.
The Plaza™ Macao
The Plaza Macao generated adjusted property EBITDA of US$53.5 million in the first quarter of 2013. Rolling Chip volume was US$9.48 billion for the quarter. Non-Rolling Chip drop was US$110.5 million while Non-Rolling Chip win percentage was 48.6%. Slot handle was US$184.4 million during the quarter.
Sands Macao's adjusted property EBITDA was US$96.4 million. Adjusted property EBITDA margin increased 60 basis points to 31.3%. Rolling Chip volume was US$6.38 billion for the quarter. Non-Rolling Chip drop was US$763.2 million during the quarter, an increase of 7.8%, despite 71 fewer Non-Rolling Chip tables in operation during the quarter. Slot handle increased 6.5% to US$706.5 million.
Sands China Ltd. has published its full set of results for the fiscal first quarter ended March 31, 2013 on the websites of The Stock Exchange of Hong Kong Limited and Sands China Ltd.
This announcement contains forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond our Company's control, which may cause material differences in actual results, performance or our expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming subconcession, infrastructure in Macao and other factors detailed in our Company's prospectus dated November 16, 2009. We are under no obligation to (and expressly disclaim any such obligation to) update the forward-looking statements as a result of new information, future events or otherwise. Our shareholders, potential investors and readers are reminded that the quarterly results of our Company presented herein have not been audited. Our shareholders, potential investors and readers are advised to exercise caution in dealing in securities in our Company.
About Sands China Ltd.
Sands China Ltd. (HKEx: 1928, Sands China or the Company) is a Cayman Islands registered Company and is listed on The Stock Exchange of Hong Kong Limited. Sands China is the largest operator of integrated resorts in Macao. The Company's Cotai Strip Resorts is comprised of The Venetian® Macao-Resort-Hotel, The Plaza™ Macao and Sands® Cotai Central. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company's integrated resorts contain a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities, a wide range of restaurants, shopping malls, world-class entertainment at the CotaiArena™ and the Venetian Theatre, and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's property development projects on Cotai have the goal of transforming it into Asia's premier entertainment and business destination. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE:LVS).