Strong visitation and overall growth in the Macao gaming market led to Sands China posting a 17 percent increase in profit in 2018, reaching US$1.9 billion.
Sheldon Adelson, chairman of the board and CEO of Sands China, said the company experienced growth in every segment in Macau.
Total net revenues increased 14.2 percent to $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 Macao 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 $6.8 billion, increasing 15.9 percent – this was 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 percent in the year, reaching $734 million.
The increase was primarily driven by increased demand and a higher average daily rate at The Venetian Macao and Sands Cotai Central, according to the company.
Adjusted property EBITDA increased 17.9 percent to $3.1 billion.
Looking ahead, Adelson said it expects to continue to grow the non-gaming segments of its business by delivering growth in MICE, hotel, retail, and entertainment revenues during the year.
“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,” said Adelson.
“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 Macao’s diversification. This strategy drives Sands China’s market-leading revenue and cash flow generation,” he added.