Sands China net revenue for Q4 down 32% year-on-year
Sands China has posted its Q4 2022 results, generating $439m in revenue, down 32% year-on-year.
The Chinese arm of Las Vegas Sands also saw its net loss grow to $348m compared to $245m in Q4 2021.
On a GAAP (Generally Accepted Accounting Principles) basis, full-year net revenues for Sands China were down 44% compared to Q4 2021 – to $1.61bn.
On the same basis, net loss was extended to $1.58bn in Q4 2022 compared to the prior-year period.
These losses were expected, given Macau spent the Q4 2022 period under strict Covid-19 lockdown measures.
Since the start of 2023, though, Macau has been bouncing back, particularly in Golden Week where at last count, daily visitation figures hit 90,000.
Speaking on Sands China’s Macau operations, Las Vegas Sands Chairman and CEO Robert G. Goldstein said: “While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, we remain confident in a robust recovery in travel and tourism spending across our markets and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead.
“In Macau, we were gratified to receive a new gaming concession during the quarter, which will enable us to continue our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macau and support its development as a world center of business and leisure tourism.
“We remain deeply confident in the future of Macau and consider Macau an ideal market for additional capital investment.”
For Las Vegas Sands full Q4, click here.
FBM Foundation launches CSR programme in the Philippines
“Help comes in different faces and ways, and FBM Foundation truly believes that the essence of help is not only through monetary and material things but also by making other people happy. Providing motivation and inspiration can help them tremendously”
FBM’s Foundation has launched its new 'Bayanihan para sa kababayan' programme to support Filipino communities in disadvantageous situations.
This new initiative follows an initial project launched in Quiapo, Manila in the third week of January 2023.
The new programme, scheduled for implementation across six months in 2023 – January, March, May, July, October and December – will help locals recover from a fire incident that took place in Quiapo on 29 December 2022.
Director of the FBM Foundation, Vitor Francisco, said: “Help comes in different faces and ways, and FBM Foundation truly believes that the essence of help is not only through monetary and material things but also by making other people happy. Providing motivation and inspiration can help them tremendously.”
The fire in question displaced up to 500 families in the region, as well as local daycare centres and community halls – places people could flee to during a crisis.
As such, locals have been living in temporary accommodation, or have moved from the region entirely.
The programme will help to distribute essential goods to displaced families, including rice, canned goods, milk and noodles.
It will also put on six activities in each of the six months the campaign is active in 2023, to “uplift the spirits and boost the morale” of Manila locals affected by the fire.
