Sands China posts all time record results

    Sands China posted an all-time half year record of US$1,737.4 million (HK$13,467.1 million) of adjusted EBITDA, an increase of 35.7 per cent over the first half of 2013. Total net revenues increased 24.7 per cent to US$5,075.3 million (HK$39,340.2 million) while profits increased 45.7 per cent to US$1,370.4 million (HK$10,622.4 million), the company told the stock exchange.  

    The company points to the success of leveraging its integrated resort business model at the Cotai Strip, developing it as a gaming, leisure and convention destination.

    Adjusted EBITDA for the first half of 2014 increased 35.7 per cent to US$1,737.4 million (HK$13,467.1 million), up US$457.3 million (HK$3,535.8 million) compared to US$1,280.1 million (HK$9,931.3 million) for the same period in 2013. The record performance was driven by revenue increases in all of the business segments, along with various other factors including improvement in operational efficiencies at all properties, the company said in a filing.

    Net revenues grew 24.7 per cent to US$5,075.3 million (HK$39,340.2 million), an increase of US$1,005.0 million (HK$7,762.0 million) compared to US$4,070.3 million (HK$31,578.2 million) in the first half of 2013. Increases were seen in all segments, mainly driven by market growth as well as increase in visitation numbers. 

    Profit for the period went up 45.7 per cent to US$1,370.4 million (HK$10,622.4 million), an increase of US$429.9 million (HK$3,325.8 million) compared to US$940.5 million (HK$7,296.6 million) in the first half of 2013.

    Net mall revenues were US$147.9 million, an increase of US$28.3 million, or 23.7%, compared to US$119.6 million for the six months ended June 30, 2013. The increase was primarily driven by higher base fees due to contract renewals and replacements, additional stores opened at Shoppes at Venetian, and the opening of the third phase of Shoppes at Cotai Central in June 2014.

    Net food and beverage revenues for the six months ended June 30, 2014 were US$84.1 million, an increase of US$14.9 million, or 21.5%, compared to US$69.2 million for the six months ended June 30, 2013. The increase was primarily driven by stronger business volume at most outlets due to increased property visitation.

    Net convention, ferry, retail and other revenues for the six months ended June 30, 2014 were US$106.9 million, an increase of US$12.2 million, or 12.9%, compared to US$94.7 million for the six months ended June 30, 2013. The increase was driven by the entertainment segment due to shows with higher popularity, and convention and exhibition revenues from some major groups at Sands Cotai Central and The Venetian Macao.