Sand China (1928) announced the first-quarter result of this year. During the period, on a US GAAP basis, total net revenues for SCL increased by 8% to USD 2.33 billion. Net income for SCL remained at USD 557 million in the first quarter of 2019 and 2018. Depreciation and amortization expense was 14% to USD 301 million in the first quarter. The increase relates to the acceleration of depreciation expense for certain Sands Cotai Central assets as it is converted into The Londoner Macao. The capital expenditures during the first quarter totaled USD 240 million, including construction, development and maintenance activities of USD 128 million in Macao.

The adjusted EBITDA was USD 858 million, up by 9% over the prior year. Mass table revenues which reached USD 1.5 billion, an increase of 13% yoy. EBITDA margin at 36.8% up 30 basis points yoy. Venetian Macao’s net revenues was up by 3.3% to USD 897 million. Adjusted Property EBITDA increased by 3.7% to USD 361 million. Net revenues of Sands Cotai Central was up by 5.1% to USD 577 million. Adjusted property EBITDA was USD 212, increased by 5.5%. As for Parisian Macao, Net revenues of first quarter was USD 454 million, increased by 26.5%. Adjusted property EBITDA was up by 40.5% to USD 163 million.