Sands China Ltd, the Macau subsidiary of US casino giant Las Vegas Sands, has reported a net loss of US$213 million for the three months to 31 March 2021, however its positive momentum has continued for the second straight quarter with revenues on the rise.
There were also good signs in both Macau and at Marina Bay Sands in Singapore which generated positive Adjusted Property EBITDA.
Sands China’s US$213 million net loss in Q1 was narrowed from a loss of US$246 million in 4Q20 and from a loss of US$562 million in 3Q20. Likewise revenues climbed to US$771 million, down 4.6% year-on-year but up 14.7% sequentially from US$672 million in 4Q20 and from just US$167 million in 3Q20.
Macau operations, comprising The Venetian Macao, The Parisian Macao, The Londoner Macao, The Plaza and Four Seasons, and Sands Macao recorded Adjusted Property EBITDA of US$100 million versus US$67 million in Q4.
Notably, revenues were up year-on-year at both The Venetian Macao (US$340 million) and at The Plaza Macao and Four Seasons Macao (US$170 million), while all properties showed revenue growth compared with the final months of 2020.
At Marina Bay Sands, operated directly by Las Vegas Sands, net revenues fell 30.4% year-on-year to US$426 million with casino revenues of US$303 million. Those figures were improved from net revenues of US$345 million and casino revenue of US$229 million in 4Q20, while Adjusted Property EBITDA of US$144 million was 105.7% higher than in Q4.
“We couldn’t be more enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macau, Singapore and Las Vegas,” said LVS Chairman and CEO Robert Goldstein.
“Demand for our offerings from our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in Macau and Singapore, continue to limit visitation and hinder our current financial performance … [but] we remain confident in the eventual recovery in travel and tourism spending across our markets.
Sands China’s parent LVS reported a net loss of US$280 million in Q1 on a 15.6% year-on-year decrease in revenue to US$1.2 billion.
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