Sands China more than doubles net income
According to its parent company, Las Vegas Sands, net revenues for Sands China increased 22.6 percent to US$1.16 billion in the first quarter of 2011.
Adjusted property earnings before interest, taxes, depreciation and amortisation (EBITDA) for Sands China went up by 46.9 % to US$373.8 million in the first quarter of 2011.
“In Macau, we experienced stronger gaming volumes at each of our Sands China properties,” the company said, “while adjusted property EBITDA margin expanded across the Sands China property portfolio to reach a market-leading 33.4 %.”
Meanwhile, on a conference call, Las Vegas Sands chief operating officer Michael Leven admitted that construction works on parcels five and six on Cotai are about five weeks behind schedule because of a shortage of workers, which may oblige the company to delay the opening of the first phase to the first quarter of 2012.
Overall, Las Vegas Sands reported net income of US$228.2 million in the first quarter of 2011, compared to a net loss of US$28.9 million one year ago.
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