Sands China has posted a widened net loss of $336m in Q1 2022, as the region in which it operates continues to be impacted by persistent Covid-19 restrictions.
Sands China’s total net revenue also decreased to $547m this quarter, down from $771m in the prior-year period.
Furthermore, adjusted EBITDA from Macau was an $11m loss compared to adjusted EBITDA of $100m in the prior-year period, and $74m for Q4 2021.
Chairman and CEO of Las Vegas Sands, Robert G. Goldstein, said: "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.
"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, but pandemic-related travel restrictions in both Macau and Singapore continue to limit visitation and hinder our current financial performance."
City of Dreams Manila drops 20% for Q1 revenue
Belle Corp’s share of gaming revenue from the City of Dream Manila casino has dropped 20% in the first quarter of 2022, according to data from the Philippine Stock Exchange.
"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” Robert G. Goldstein, Chairman and CEO of Las Vegas Sands
The City of Dreams Manila is operated by Melco Resorts & Entertainment, but as per the terms of the lease, an undisclosed amount of revenue made from the casino goes to Belle’s subsidiary Premium Leisure Corp.
The amount accounted for this quarter sits at PHP344.3m ($6.6m). This amount is in addition to a lease payment of PHP344.3m received by Premier Leisure from Melco, for use of the casino space.
These lease costs have been increased by 179%, to partly account for the loss of revenue from the casino, caused by continuous Covid issues and persistent border closures.
Another subsidiary of Belle, Pacific Online Systems, which leases online betting equipment to the Philippines’ Charity Sweepstakes Office, posted a 15% drop in revenue to PHP104.1m. This is something the company also attributes to issues caused by Covid-19.
Hotel occupancy rates in Macau drop 30% for March
Macau’s average hotel occupancy rates have dropped by up to 30% this March, as the number of weekend and overnight travellers declined.
The number of hotel guests as detailed by Macau’s Government — 365,00 in toal for March — represents a 41% drop in year-on-year hotel figures.
Despite Macau’s visitation figures increasing slightly at the start of the year, recent Covid-spikes across mainland China, including the Guangdong province, which is situated near Macau, have meant the full reintroduction of local travel restrictions.
It remains unclear when local lockdown measures and travel restrictions affecting Macau will ease.
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