Las Vegas Sands announced a wider net loss of $290 million for the three months to June 30, as Covid restrictions continued to weigh on its Macau operations.
The company posted a loss of $192 million during the same period in 2021. Revenues fell 56.7 percent from the same period last year to $368 million.
The company pointed out that the wider loss was due to the evolving COVID-19 situation in Macau, with casinos currently closed in the second lockdown period of the pandemic.
However, LVS shares rose 4 percent due to the strong performance of Marina Bay Sands in Singapore, where the recovery has gathered steam.
At Marina Bay Sands, revenues doubled from the same period last year to $679 million. EBITDA rose 18 percent year-on-year to $319 million. Las Vegas Sands Chairman and CEO Rob Goldstein said he was pleased with the result.
“While pandemic-related restrictions continued to impact our financial results this quarter, we were pleased to see the recovery in Singapore accelerate during the quarter, with Marina Bay Sands delivering US$319 million in Adjusted Property EBITDA,” Goldstein 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 Macau. We also remain steadfast in our commitment to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the pandemic.”
Goldstein remained optimistic that results would improve, once the lockdown restrictions had been lifted in Macau.
“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,” he said.
“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 programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets,” Goldstein added. Local government authorities announced that restrictions would be partially lifted at the end of the week, allowing for casinos to re-open at 50 percent capacity.