Las Vegas Sands posted a $158m loss as it reported financial results for 3Q22. In turn, Marina Bay Sands generated $343m EBITDA.
“While travel restrictions continued to impact our financial results this quarter, we were pleased to see further progress in Singapore’s recovery, with Marina Bay Sands reaching $343 million in adjusted property EBITDA. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are able to travel to both Singapore and Macao,” said Robert G. Goldstein, chairman and chief executive officer.
“We remain confident in the recovery of travel and tourism spending across our markets. Demand from customers who have been able to visit remains robust,” the executive said.
Net revenue was $1.01 billion, compared to $857 million in the prior year’s quarter.
Operating loss was $177 million, compared to $316 million in the prior year’s quarter.
Net loss from continuing operations in the third quarter of 2022 was $380 million, compared to $594 million in the third quarter of 2021.
Consolidated adjusted property EBITDA was $191 million, compared to $47 million in the prior year’s quarter.
Goldstein adds that “our investments in our team members, our communities and our industry-leading Integrated Resort property portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery in travel and tourism progresses. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”
> Jefferies’ take on Sands 3Q22 results.