Sands China Ltd continued its positive momentum in the three months to 30 June 2021, with net revenues rising 10.1% compared with the March quarter to US$849 million and Adjusted EBITDA up 32% to US$132 million.
The results were also a vast contrast to the second quarter of 2020, in the midst of the COVID-19 pandemic, when revenue from Macau operations reached a paltry US$40 million.
Although Sands China still reported a net loss of US$166 million in 2Q21, it represented a steady line of improvement from a loss of US$549 million in 2Q20, US$562 million in 3Q20, US$246 million in 4Q20 and US$213 million in 1Q21.
Sands China operates The Venetian Macao, The Londoner Macao, The Parisian Macao, Sands Macao and The Plaza Macao.
With border restrictions eased through much of Q2, The Venetian Macao contributed almost half of the company’s revenues with net revenue of US$391 million, including US$307 million in casino revenue, compared with net revenue of US$340 million in Q1. Adjusted EBITDA reached US$108 million.
The Londoner Macao, formerly Sands Cotai Central, reported net revenue of US$189 million but fell to an Adjusted Property EBITDA loss of US$5 million, while The Parisian Macao reported net revenue of US$101 million and breakeven EBITDA.
At Sands Macao, net revenues were US$42 million with an Adjusted Property EBITDA loss of US$13 million while The Plaza Macao recorded US$125 million in net revenues and Adjusted Property EBITDA of US$44 million.
In Singapore, Marina Bay Sands suffered a slight decline compared with 1Q21, with net revenues down from US$426 million to US$327 million and Adjusted Property EBITDA from US$144 million to US$112 million.
“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 Q2, identical to the March quarter but vastly improved on a loss of US$841 million in 2Q20. The company reported net revenue of US$1.17 billion compared with US$62 million in 2Q20 and US$1.2 billion in 1Q21.
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