MACAU BUSINESS
Q3 net income, quarter
G
aming operator Sands China reported a net income of USD 268 million in the third quarter of 2024, marking a 9 per cent growth from the previous three-month period, the company announced. On a year-on-year basis, net income increased by 16 per cent.
Adjusted Property EBITDA also saw an improvement of 4.3 per cent from the second quarter; however, the USD 585 million figure was USD 46 million lower than what was recorded a year ago. The gaming giant stated that “low hold on rolling play in Macau negatively impacted Adjusted Property EBITDA by USD 2 million.”
Robert G. Goldstein, chairman and chief executive officer of parent company Las Vegas Sands (LVS), said: “In Macau, the ongoing recovery continued during the quarter, although visitation to the market remains below the levels reached prior to the pandemic.”
Altogether, with its operations in Macau and Singapore, Las Vegas Sands reported net revenues of USD 2.68 billion in the third quarter, 6.8 per cent less than in the second quarter. Net income (USD 353 million) and Consolidated Adjusted Property EBITDA (USD 991 million) were down 21 per cent and 11.5 per cent year-on-year, respectively.
T
he Macau Legislative Assembly approved the city’s new bill to combat illegal gambling with all 32 lawmakers attending the plenary session giving their nod to the second reading vote.
The vote comes ten months after the Government first announced the law proposal.
The Law to Combat Illegal Gambling Crimes was one of the bills deliberated by the Legislative Assembly on October 16 in its first session following the two-month summer recess.
The new act prohibits activities such as unlicensed casino-based money exchange, the operation or promotion of unauthorised online gambling, mutual betting, unauthorised credit for gambling purposes, the illegal operation of games of fortune, and fraudulent gambling.
Jail terms for unlicensed operation of games of fortune range from one to eight years. The same applies to mutual betting and illicit online gambling operations. With regards to crimes related to the illicit extension of credit, offenders face a prison sentence of one to five years under the new law, while those found guilty of illegal money exchange practices could serve a jail term of up to five years.
DECEMBER 2024 27
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