Las Vegas Sands Inc., a prominent developer and operator of its global integrated resort Las Vegas Sands Corp., today reported financial results for the first quarter of 2023. Recovery at its Singapore, Macao and Chinese resorts is underway, according to the report, which reported total revenue of $3.39 billion in the first quarter of 2023, compared to $1.49 billion in the same period last year.

Robert G. Goldstein, Chairman and CEO of Las Vegas Sands, said: "While travel restrictions and reduced visits continued to impact our financial performance during the quarter, we are currently witnessing a strong recovery in travel and tourism spending across our markets. We remain enthusiastic about the opportunity to welcome more guests to our properties throughout 2023 and in the years to come."

Marina Bay Sands – Continuous Recovery:

Goldstein continued, "In Singapore, Marina Bay Sands' continued recovery is ongoing during the quarter, and we are pleased that the property is again delivering outstanding levels of performance in both large-scale gaming and tenant sales. We are still energized by the opportunity to introduce our new suite products to more customers as our airlift capabilities continue to improve and travel and tourism spending recovery in China and the wider region continues."

Accelerated by increasing visits to Macau:

According to Goldstein, the Macau operations also performed well in the quarter. "In Macau, we are pleased that the ongoing recovery in all gaming and non-gaming sectors has accelerated during the quarter. We are very enthusiastic about the opportunity to continue our investment in improving Macau's tourism appeal to travelers from the region, including foreign visitors to the country," the chairman said, adding:

"Our decades-long commitment to investments that enhance Macau's business and leisure tourism appeal and support the development of business and leisure tourism into a global hub provides us with a very good position to deliver strong growth as market visits increase and the recovery in travel and tourism spending progresses."

Determined commitment to leading investment:

Goldstein is enthused by the company's future prospects. "Our firm commitment to making industry-leading investments in our integrated resort real estate portfolio, leading our team members, communities, and markets in the future, gives us a very good position to deliver strong growth in the years ahead. Our financial strength not only seeks growth opportunities in new markets, but also underpins our ongoing investment and capital expenditure programs in Macau and Singapore," he said.

Singapore and Macau financial results for the first quarter of 2023:

Las Vegas Sands executives' optimism was based on recent financial results showing the company netted $2.12 billion in these markets in the first quarter of 2023, more than double the $943 million level experienced in the first quarter of last year. As a result, operating profit was $378 million, compared to an operating loss of $302 million sustained year over year.

The large growth resulted in a net income boost from continued operations of $145 million in the first quarter of 2023, after each faced a net loss of $478 million in the same period last year. Consolidated assets adjusted for EBITDA were $792 million, more than seven times the $110 million level in the first quarter of last year.

Sands China Financial Results For Q1 2023:

The Sands China results follow the pattern set by the company's Macau and Singapore facilities, which surged to $1.27 billion in total net income in the first quarter of 2023, doubling the level of $547 million from the same quarter last year. As the company reported, the Sands China resort is also undergoing a recovery but is still affected by last year's closure. The resort, therefore, posted a modest net loss of $10 million, compared with a loss of $336 million in the first quarter of 2022.

Total for Q1 2023:

The company reported financial results across its Singapore, Macao and Chinese resorts, bringing those facilities together to a combined revenue of $3.39 billion, more than double the $1.49 reached in the same period last year. Factors affecting revenue levels include interest expenses of $218 million, weighted average borrowing costs of 5.4%, and weighted average debt balances, which were increased by borrowing of $999 million from credit lines last year. However, the company still has $2.48 billion available to borrow from multiple credit facilities.