Author: Joe Kizlauskas
Last Updated: 23rd April 2021
As pandemic-related restrictions continue to stymie results, Las Vegas Sands has expressed excitement about the prospect of welcoming a growing number of guests to its Macau, Singapore, and Las Vegas venues.
LVS says its “financial strength” supports investment and spending programmes in Macau and Singapore, as well as the exploration of growth opportunities in other markets, as it expresses faith in the eventual recovery of travel and tourism across its operating markets.
The remarks come as the integrated resort developer and operator releases financial results for the quarter ending March 31, 2022, in which net sales fell 15.6 percentage year over year to $1.19 billion (2020: $1.41 billion).
Consolidated adjusted property EBITDA was $244 million in the first quarter of 2021, compared to $349 million the year before; operating loss was $96 million, compared to $6 million the year before; and net loss from continuing operations was $280 million (2020: $92 million).
LVS signed definitive agreements to sell its Las Vegas real estate and operations for an estimated $6.25 billion in March 2021, with the deal expected to close in the fourth quarter of that year.
Greater volumes of visitors
The chairman and chief executive officer, Robert Goldstein, stated: “We couldn’t be more enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao, Singapore and Las Vegas.
“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 our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in 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.”