Las Vegas Sands Corp (LVS) has reported a net loss of US$269 million for the three months to 31 December 2022, narrowed from the US$315 million loss in 4Q21 and US$472 million in the September 2022 quarter.
The Q4 result was again affected by the pandemic situation in Macau, where subsidiary Sands China Ltd saw revenues fall by 31.7% year-on-year to US$439 million, with net loss widening from US$245 million a year earlier to US$348 million.
But it was better news in Singapore, where Marina Bay Sands set a new all-time revenue record in both mass gaming and retail, helping LVS record a 10.8% increase in group-wide net revenues to US$1.12 billion.
Net revenue at MBS almost doubled year-on-year to US$682 million, including US$402 million in casino revenue, with Adjusted EBITDA up 54.2% year-on-year to US$273 million.
For FY22, LVS reported income of US$1.83 billion although that was boosted by a US$3.6 billion gain on the sale of its Las Vegas real estate. Operating loss in 2022 was US$792 million, wider than the US$689 million recorded in 2021.
LVS Chairman and CEO Robert Goldstein said the results were encouraging given the recent reopening of Macau’s borders and ongoing recovery trajectory in Singapore.
“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 are deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead,” Goldstein said.
“In Singapore, we were pleased to see the robust recovery continue at Marina Bay Sands during the quarter, with the property delivering record levels of performance in both mass gaming and retail revenue. We are excited to have the opportunity to introduce our new suite product to more customers as airlift capacity improves and growth in visitation from China and the wider region is enabled by the relaxing of travel restrictions.
“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 Macao 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.”
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