Las Vegas Sands reported a net loss attributable to the company of US$290 million loss in the three months to 30 June 2022, significantly widened from the US$192 million loss reported during the same period last year.
The decline was primarily due to the ongoing pandemic situation in Macau, where net loss reached US$422 million compared with US$166 million in 2Q21. This was on the back of revenues falling 56.7% year-on-year to US$368 million.
However, there was better news in Singapore where Marina Bay Sands saw revenues more than double year-on-year to US$679 million – also 70.2% higher than the March 2022 quarter. Adjusted EBITDA at MBS was up by 185% year-on-year and 164% sequentially to US$319 million.
The MBS recovery included mass gaming win reaching 91% of 2Q19 levels, including non-rolling table win at 80% and slot win at 110%, the company revealed. Rolling volume of US$5.4 billion was also 75% of 2019 levels, while hotel occupancy reached 93.9%.
“While pandemic-related restrictions continued to impact our financial results this quarter, we were pleased to see the recovery in Singapore accelerate during the quarter, with Marina Bay Sands delivering US$319 million in Adjusted Property EBITDA,” said LVS Chairman and CEO, Robert Goldstein.
“We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to both Singapore and Macau. We also remain steadfast in our commitment 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.
“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, while pandemic-related travel restrictions continue to limit visitation and hinder our current financial performance.
“Our industry-leading investments in our team members, our communities, and our Integrated Resort property portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”
LVS reported an operating loss of US$147 million, widened from US$139 million in 2Q21, while net loss from continuing was US$414 million compared to US$280 million a year earlier.
Consolidated Adjusted Property EBITDA of US$209 million was down from US$244 million in the prior year quarter.
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