LVS saw overall revenues rise almost 31% to $2.76b, a personal best for the company. Net income came in at $498.9m, a 118.7% bump over Q1 2011. The exceedingly healthy figures will no doubt come as a relief to Republican politicians who are looking to Adelson to provide a good deal of their campaign funding this election year.
As usual, Sands’ Asian properties provided the bulk of Adelson’s bounty. Sands China reported a 25% boost in net revenues to $1.16b, but net income was up a more modest 5.8% to $277.4m. The Venetian Macau benefited from the growing clout of the mass market segment, as non-rolling chip drop rose 12.7% to a record $1.11b. The Venetian also posted record slots handle of $1.24b, up 67% over 2011, although slots hold fell to 5.6% from 6.9%. But the VIPs aren’t going anywhere: rolling chip volume was up 11.4% to a record $13.8b. About the only true negative number here is the $42.9m loss incurred by the decision to shutter the Venetian’s Cirque du Soleil show Zaia in February.
Sands Macau posted similarly impressive stats, with non-rolling chip drop of $707.8m representing the strongest figure since the pre-financial meltdown days of Q1 2008. Slots handle was up 52.1% to a record $663.2m. Rolling chip volume was down 22% but the win rate improved to 3.7%. The Four Seasons Hotel Macao/Plaza Casino saw rolling chip volume rise 221.8% to a record $12.7b and non-rolling chip win was up 33.7%. We’ll have to wait another three months to see the first numbers from Sands newest Macau property Sands Cotai Central.
In Singapore, Marina Bay Sands posted a 66.1% rise in gaming revenue to $701.3m. Rolling chip volume was up 26.4%, non-rolling chip drop up 18.3% and slots handle rose 34.2%. Total mass win per day was $4.47m, up from $3.68m in 2011. Stateside, LVS’ Nevada properties recorded a 26.1% overall revenue gain to $384.6m, but gaming revenues were up 91% to $158.7m. Even here, baccarat helped drive a 27.8% gain in table games drop. At Sands Bethlehem in Pennsylvania, net revenues rose 27% to $115.6m, helped by a 69.3% gain in table games drop.