Sands China posts interim 2022 results showing $1.58bn in losses
Sands China has revealed its preliminary year-end results for 2022, showing a 44% fall in net revenue.
For the year, total net revenue stood at $1.61bn, compared to $22.42bn for 2021. Losses, too, increased for Sands China, totalling $1.58bn in 2022, up from $1.05bn for the previous year.
Furthermore, its adjusted property EBITDA remained negative, reporting $323m in losses. However, this was an improvement on FY 2021, which saw EBITDA losses total $341m.
Robert Goldstein, Chairman of the Board and CEO of Sands China, spoke of the challenges posed by China’s zero-Covid policy in the last year and the effect it had had on Macau, saying: “The Company’s operations in Macau in 2022 were directly impacted by the reduction in visitation to Macao.
“Total net revenues for the Company were approximately US$1.61bn, or approximately 18% of the year 2019. Net revenues decreased by approximately 44% compared to the $2.87bn in 2021.
“We operated with a wide range of cost control measures in place during 2022 but maintained our commitments to our employees and avoided mass workforce reductions.”
Meanwhile, Goldstein also highlighted the investments made by Sands China, stating: “Sands China has now invested more than US$15 billion to deliver on our promise to help Macao in its economic diversification and its continued evolution into Asia’s leading leisure and business tourism destination.”
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