Las Vegas Sands reported financial results for the quarter ended March 2023.

Las Vegas Sands reported financial results for the quarter ending March 2023. After a successful quarter, company chairman and CEO Robert G. Goldstein says he “remains excited” for tourism in Singapore and Macau in the coming years .

Sands’ net income was $2.12 billion, up from $943 million in the fourth quarter of 2022. Operating profit reached $378 million, while the prior quarter posted an operating loss of $302 million.

Net income from continuing operations for the first quarter of 2023 also increased 130% year-over-year. Consolidated adjusted real estate EBITDA was $792 million.

Sands saw massive gaming revenue at Marina Bay Sands reach an ‘all-time record’ of $549 million, up 15% from the fourth quarter of last year.

Bulk gaming revenue across the Macau property portfolio reached US$1 billion for the first time since 2019, while adjusted real estate EBITDA reached US$398 million.

Las Vegas Sands’ first quarter results also led to a small increase in the share price, with its shares currently trading at $59.36, up 3% for the week.

Las Vegas Sands CEO evaluates business performance at the beginning of the year

Goldstein said, “In Singapore, we were pleased to see the continued recovery at Marina Bay Sands. We remain excited about the opportunity to introduce our new suite product to more customers as air transport capacity continues to improve and the recovery in travel and tourism spending from China and the region continues.”

He added of the Las Vegas Sands properties in Macau: “We were pleased to see the continued recovery across all gaming and non-gaming segments accelerate during the quarter.”

“Our decades-long commitment to making investments that enhance Macao’s business and leisure tourism appeal as a world center for business and leisure tourism positions us extremely well to deliver strong growth,” he concluded.