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Sands China suffers US$422 million net loss in second quarter

Blame lies with Covid-19’s effect on Macao; CEO bullish on company’s future prospects, pointing to robust customer demand.

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Blame lies with Covid-19’s effect on Macao; CEO bullish on company’s future prospects, pointing to robust customer demand.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 4:41 am

Total net revenues for Sands China Ltd (SCL) fell to US$368 million for the second quarter of 2022, compared to US$849 million for the same period in 2021.

Net loss for SCL was US$422 million for the second quarter of 2022, compared to US$166 million in the second quarter of 2021. 

SCL’s adjusted property EBITDA loss was US$110 million for the second quarter of 2022, compared to an adjusted property EBITDA of US$132 million for the second quarter of 2021.

Adjusted property EBITDA for The Londoner Macao was negative US$54 million, The Parisian Macao negative US$29 million, Sands Macao negative US$22 million, The Venetian Macao negative US$21 million and The Plaza Macao US$17 million. The Plaza Macao was the only property within the Sands China portfolio that registered a positive adjustment property EBITDA.

SCL’s parent company, Las Vegas Sands (LVS) reported better news from Singapore, where revenues doubled year-on-year to US$679 million.

Robert G. Goldstein, chairman and chief executive officer of LVS, said: “We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to both Singapore and Macao. We also remain steadfast in our commitment to supporting our team members and helping those in need in each of our local communities as they recover from the impact of the pandemic.

“We remain confident in the recovery of travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, while pandemic-related travel restrictions continue to limit visitation and hinder our current financial performance.

“Our industry-leading investments in our team members, our communities, and our integrated resort property portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programmes in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

 

UPDATED: 22 Dec 2023, 4:41 am

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