Sands China’s fourth-quarter EBITDA surged by 35 percent year on year to US6 million on a 28 percent increase in net revenues to .53 billion.
All of the company’s operating segments matched or outperformed the market and mostly by wide margins. VIP volume was up 26 percent (versus 18 percent market-wide) to $49.5 billion. Mass table volume was up nearly 80 percent, and GGR increased 62 percent (versus 40 percent for the market). Slots and electronic table games were in line with the market at 7 percent growth to $171.3 million.
It was a strong quarter in total for parent Las Vegas Sands, albeit with some softness out of Singapore.
Marina Bay Sands generated EBITDA of $259.8 million on net revenues of $659.8 million. Adjusted for hold, EBITDA was $372.1 million, which missed consensus expectations by $23.5 million.
VIP rolling chip volume was down 17 percent to $13.7 billion, and the property was unlucky, with VIP hold of 1.92 percent, well below the expected range of 2.7-3 percent. On the mass side, table drop was up 2.4 percent year on year, and slot handle was up 5 percent.
The hotel segment was solid with RevPAR up 13.5 percent to $401.
Net revenues on the Las Vegas Strip increased by 25.1 percent year on year to $385.7 million, generating a 67 jump in EBITDA to $88.2 million. Table games drop was up over 40 percent, slot handle up a more modest 4.8 percent.
On the hotel side RevPAR increased 4.5 percent.
The company announced that work has started on a fourth hotel tower at Sands Cotai Central in Macau. Completion of the 700-room St. Regis Tower is slated for the fourth quarter of 2015 at a cost of US$450 million and will coincide with the opening of the company’s 3,000-room The Parisian Resort across the street.
