Las Vegas Sands reports expectedly high Q3 increase following torrid 2020

By Gambling Insider

Las Vegas Sands (LSV) has reported Q3 2021 net revenue of $857m, compared to $446m in the prior-year quarter, showing a 92% increase.

Operating loss was $316m, compared to $523m in the prior-year quarter. Net loss from continuing operations in Q3 2021 was $594m, compared to $664m in Q3 2020.

Robert G. Goldstein, Chairman and CEO, commented: "While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive EBITDA in each of our markets. 

"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 Macau and Singapore. We also remain deeply committed 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 pandemic."

In March 2021, LSV completed the selling agreements for its Las Vegas real property and operations for approximately $6.25bn and the transaction is expected to be completed in the first quarter of 2022.

The Las Vegas properties have generated Q3 net revenue of $339m, up 183% year-on-year, and adjusted property EBITDA of $132m, compared to -$40m in the same quarter of the previous year.

LSV has unrestricted cash balances of $1.64bn as of 30 September 2021 and, under its US, SCL and Singapore revolving credit facilities, it is able to borrow $3.93bn. As of 30 September, its debt came to a total of $14.5bn.

Mr Goldstein concluded: "We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains strong, but pandemic-related travel restrictions in both Macau and Singapore continue to limit visitation and hinder our current financial performance."

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