Las Vegas Sands reports $478m net loss for Q1 2022
Las Vegas Sands Corp. has reported net revenue of $943m for the first quarter of 2022, compared to $1.20bn in the prior-year period.
Casino revenue for the period represented $627m of total revenue, with rooms representing $95m. Food and beverage revenue amounted to $53m, with Mall amounting to $149m. And Convention, retail and other represented $19m of total revenue.
Macao operations represented $551m of total revenue, led by The Venetian Macao ($227m) and The Londoner Macao ($121m). The Plaza Macao and Four Seasons Macao reported revenue of $102m, with The Parisian Macao reaching $74m.
Sands Macao and Ferry Operations and Other reached totals of $20m and $7m respectively. Marina Bay Sands meanwhile posted revenue of $399m.
Operating loss was $302m and net loss was $478m, compared to $96m and $280m respectively. The operator reported consolidated adjusted property EBITDA of $110m, compared to $244m in the first quarter of 2021.
“While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company as a whole,” said Las Vegas Sands Corp. Chairman and CEO Robert G. Goldstein.
“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 Macao and Singapore.
“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 Covid-19 pandemic.”
The lack of conventions has undoubtedly had an impact on the group’s revenue, as the segment reached revenue of $143m back in Q1 2019, when pandemic-related restrictions were not an issue.
Sands noted that such restrictions, along with reduced visitation, continue to impact its financial results. But as noted by Goldstein, ongoing investments in capacity expansion and enhancement of the property portfolio in both Macao and Singapore have positioned the group for future growth.
“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 these travel restrictions subside and the recovery comes to fruition,” said Goldstein.
“We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”
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