Bustling Venetian mass tables power Sands China gains

 

Revenues for Sands China Ltd.  rose 39.9 percent in the second quarter from a year earlier to $2.07 billion, driven by busier tables at the Venetian Macao casino, the world’s largest. “There were more people coming and spending more money,” Sheldon Adelson, Las Vegas Sands Corp.’s chairman and chief executive, told analysts. “The macro view about China is not affecting the visitation to Macau.” Net income for the company’s Macau unit more than doubled to $487.6 million from $160.5 million in 2012.

The win from mass tables rose 61.1 percent to $930 million while rolling chip volumes rose 25.7 percent to $42 billion, bringing the company’s VIP market share up to 17.4 percent from 14.8 percent, Adelson said. While casino revenues rose 42.6 percent at the Venetian Macao, they edged up just 1 percent at the Plaza casino as the mass table drop doubled there to $186.1 million but the hold rate fell to 22.5 percent from 43.9 percent. The company said it continued to shift tables from VIP to the mass floor at the Plaza in pursuit of premium mass gamblers, ending the period with 94 VIP and 63 mass tables.

Casino revenues at the Sands Macao rose 8.6 percent. At the Sands Cotai Central, which opened during the second quarter of 2012, mass win per table per day rose 21.2 percent from the first quarter to $9,615 and officials said they expert annual earnings before interest, tax, depreciation and amortization from the property to reach $1 billion by next year. Las Vegas Sands said the unit that includes its Macau ferry service posted an adjusted EBITDA loss of $2.1 million, up from a loss of $6 million a year earlier, while operating profit from its malls in Macau and Singapore rose 18.2 percent from a year earlier.