Pandemic Continues to Sink Las Vegas Sands: Q2 Report

Pandemic Continues to Sink Las Vegas Sands: Q2 Report.

Costfoto / NurPhoto / Getty Images

Key Takeaways

Las Vegas Sands (LVS) reported decreased net revenue and increased operating losses in its second-quarter 2022 report released Wednesday. The company blamed pandemic-related restrictions, particularly in Macao and Singapore, its outposts in Asia.

LVS stockSands Macau, pictured above, is one of Las Vegas Sands prime venues. (Image: CNBC)

Net revenue fell from $1.17 billion in the second quarter of 2021 to $1.05 billion in this year s second quarter, with Sands China’s falling from $849 million to $368 million over the same period.

Operating loss rose from $139 million to $147 million, and net loss from continuing operations rose from $280 million to $414 million, with Sands China’s net loss rising from $166 million to $422 million.

We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets,” read a statement from LVS chair/CEO Robert G. Goldstein.

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 $319 million in adjusted property EBITDA (earnings before interest, taxes, depreciation, and amortization).”

Chair/CEO responds

Second-quarter 2022 capital expenditures totaled $198 million, including construction, development, and maintenance activities of $97 million at Marina Bay Sands, $67 million in Macau, and $34 million in corporate and other expenses. Consolidated adjusted property EBITDA was $209 million, compared to $244 million in the prior-year quarter.

Our industry-leading investments in our team members, communities, and integrated-resort portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery comes to fruition,” Goldstein s statement read. “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 Macao.”

LVS reported Q2 2002 income-tax expense of $110 million, compared to a benefit of $6 million in the prior-year quarter. LV Sands said the income-tax expense was driven primarily by a 17% statutory rate on the increased profits of LVS’ Singapore operations.

Outstanding Debt, Cash Balances

Unrestricted cash balances as of June 30 were $6.45 billion. LVS has access to $2.96 billion, available for borrowing under revolving credit facilities in the U.S., China, and Singapore, the company said, net of outstanding letters of credit.

As of June 30, total outstanding debt, excluding finance leases and purchases, was $15.35 billion.

Article Sources
Macau Economy Finally Trending in Better Direction editorial policy.
  1. Cyprus to See Melco International, Hard Rock, Back Largest European Casino

Compare Accounts
×
Las Vegas Cops Search for Partygoers Who Shot One Dead, Left 13 Wounded
Provider
Name
Description
Exorbitant Chicago Casino Tax Remains, as Illinois General Assembly Adjourns for 2019  Maine Sports Betting Officials Target November Launch  LVMPD Officer Turned Alleged Casino Robber Appears in Court, Actions Condemned  Everi Holdings Acquires Historical Horse Racing Manufacturer Intuicode  Steve Wynn Says ‘Draconian’ Nevada Regulators Can’t Discipline Him Because He Has Left the Industry and Is Never Coming Back  Main Street Station Announces Reopening Date, Casino Closed Over 500 Days  Nevada Gov. Sisolak Orders Statewide Mask Policy Starting Friday, Caesars, MGM Make Coverings Mandatory Nationwide  Alabama Gaming Package Fate Rests With Senate, Vote Planned for Thursday  Australia Investigating Entain Over Possible Anti-Money Laundering Failures  Wynn’s Plan to Build Third Vegas Strip Tower Still Alive