Las Vegas Sands reports US$269 million net loss in fourth quarter Link copied
CEO Robert Goldstein remains ‘deeply confident’ in future of Macao and considers it an ideal market for additional capital investment.
Las Vegas Sands reported a net loss of US$269 million for the last three months of 2022, substantially less than the US$315 million loss in the same period in 2021.
The result was again affected by Macao’s pandemic situation, where subsidiary Sands China’s revenues plummeted by 31.7 per cent year-on-year to US$439 million.
In contrast, Singapore’s Marina Bay Sands set a new revenue record in both mass gaming and retail, helping the company record a 10.8 per cent increase in group-wide net revenues to US$1.12 billion.
Net revenue at Marina Bay Sands almost doubled year-on-year to US$682 million, including US$402 million in casino revenue, with Adjusted EBITDA up 54.2 per cent year-on-year to US$273 million.
Overall, Las Vegas Sands Chairman and CEO Robert Goldstein said that results were encouraging given the recent reopening of Macao’s borders and ongoing recovery in Singapore.
He said, “While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, we remain confident in a robust recovery in travel and tourism spending across our markets and are deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead.”
Goldstein also pointed out that the new Macao gaming concession the company received during the quarter will enable the gaming operator to continue its commitment to making investments that enhance the city’s business and leisure tourism appeal and support its development as a world centre of business and leisure tourism. “We remain deeply confident in the future of Macao and consider Macao an ideal market for additional capital investment,” he added.