Las Vegas Sands posted Q3 results that topped analysts’ forecasts as the Macau market returned to growth.
Earnings for the quarter were at $0.72 per share, well above the estimated $0.60 per share and earnings from the same period last year of $0.66 per share.
Revenue beat analysts’ expectations as well at $2.97 billion versus the anticipated $2.82 billion from the Street. Revenue was up 2.6 percent year over year from $2.89 billion.
“Importantly, the operating environment in Macao continued to improve during the quarter, particularly in the mass segment, as the Macau market exhibited growth in total gaming revenue, overnight visitation, and length of stay,” Chairman Sheldon Adelson said.
The French-themed Parisian, which opened in September, contributed more than 19 million in adjusted property EBITDA in its first 18 days of operations.
Total net revenues for Sands China increased 3.6 percent to $1.72 billion in the third quarter of 2016, compared to $1.66 billion in the third quarter of 2015. Net income for SCL decreased 5.5 percent to $324.3 million.
The Venetian Macau saw a 13.5 percent increase in casino revenue to $669.8 million, with VIP roll essentially flat and mass market down 1.6 percent. Slot handle dropped 8.6 percent.
The group’s Singapore property, Marina Bay Sands saw revenue gain 1.6 percent to $762.6 million. Casino revenue was up 1.1 percent, while room revenue gained 10.4 percent and convention, retail and other revenue was up 15.4 percent.