Author: Joe Kizlauskas
Last Updated: 23rd July 2021
Las Vegas Sands has expressed its excitement about the prospect of welcoming a larger number of tourists to its properties, despite the fact that pandemic-related travel restrictions continue to have a negative impact on the company’s financial results.
Net revenue for the second quarter was $1.17 billion, up from $62 million the year before, with an operating deficit of $139 million compared to $757 million in 2020.
In the second quarter of 2021, the company’s net loss from continuing operations was $280 million, compared to $841 million in the second quarter of 2020, with consolidated adjusted property EBITDA of $24 million, compared to a loss of $425 million a year earlier.
Sands China’s total net revenue grew to $849 million in the second quarter of 2020, up from $40 million the previous quarter, and the company’s net loss shrank to $166 million from $549 million.
LVS signed definitive agreements to sell its Las Vegas real estate and operations for an aggregate purchase price of roughly $6.25 billion in March 2021, with the transaction expected to completion in the fourth quarter of that year.
Welcoming back guests
Robert Goldstein chairman and CEO of the company said: “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 Macao and Singapore.
“We also 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 COVID-19 pandemic.
“We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance.
“Our industry-leading investments in our team members, our communities, and our market-leading integrated resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition.
“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.”