Las Vegas Sands reported net revenue of US$1.01 billion from its Asian operations in the three months to 31 December 2021, broadly in line with the same period last year as the COVID-19 pandemic continues to impact tourism into Macau and Singapore.
The 4Q21 results included a 3.9% year-on-year decline in net revenues for its Macau properties, operated by subsidiary Sands China, to US$643 million with a net loss of US$245 million – also similar to the US$246 million loss Sands China reported a year earlier. Adjusted Property EBITDA grew 36.5% to US$74 million.
By property, The Venetian Macao saw net revenues slide 16.8% to US$272 million while The Parisian Macao suffered a 67.3% decline to US$67 million. However, The Londoner Macao – previously Sands Cotai Central – saw revenues rise 46.3% to US$139 million and The Plaza Macao and Four Seasons by 22.8% to US$140 million.
For FY21, Sands China recorded a 70.4% increase in net revenues to US$2.87 billion with a net loss of US$1.05 billion, down from US$1.52 billion in 2020.
In Singapore, Marina Bay Sands continued to outperform the company’s Macau casinos, with net revenues rising 6.7% year-on-year to US$368 million and Adjusted Property EBITDA by 22.9% to US$177 million. FY21 net revenues in Singapore improved to US$1.37 billion, up from US$1.26 billion in 2020.
Group-wide, LVS recorded a net loss of US$315 million for the December quarter compared to net loss of US$303 million in 4Q20.
“We remain confident in the eventual recovery in travel and tourism spending across our markets and enthusiastic about the opportunity to welcome more guests back to our properties in 2022 and the years ahead,” said LVS Chairman and CEO, Robert Goldstein.
“While pandemic-related travel restrictions continue to impact our current financial performance, we again generated positive EBITDA in each of our markets. We 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 pandemic.”
The company’s group-wide results no longer include its Las Vegas assets, currently listed as a “discontinued operation held for sale” after LVS last year entered into definitive agreements to sell all Las Vegas property and operations for US$6.25 billion.
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