We must remember that on February 23, the group closed the sale of its Las Vegas properties and operations and received approximately €4,803 million in cash, before working capital adjustments, transaction costs and income taxes.
However, the restrictions related to the pandemic and the reduction of visits in Macau and Singapore continue to impact the financial results.
Las Vegas Sands highlights the following aspects of the first quarter of 2022:
- Operating loss was $302 million, compared to $96 million in the previous year quarter.
- Net loss from continuing operations in the first quarter of 2022 was $478 million, compared to $280 million in the first quarter of 2021.
- Consolidated adjusted property EBITDA was $110 million, compared to $244 million in the previous year quarter.
- On a GAAP basis, total net revenues for Sands China Ltd decreased to $547 million, compared to $771 million in the first quarter of 2021. SCL net loss was $336 million, compared to $213 million in the first quarter of 2021.
- Much of the revenue stemmed from casino operations, which came to $627m. This was a decrease of 27.5% from the first quarter of 2021.
- Casino operations in Macau reached $551 million, a drop of 29%.
Referring to the results obtained, Robert G. Goldstein, President and Chief Executive Officer, stated: “While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company. 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”.
According to Las Vegas Sands, other factors that affect profits are:
- Interest expense, net of amounts capitalized, was $156 million for the first quarter of 2022, compared to $154 million in the previous year quarter.
- The weighted average cost of borrowing in the first quarter of 2022 was 4.2% compared to 4.4% during the first quarter of 2021.
- The weighted average debt balance increased compared to the prior year quarter due to borrowings of $251 million and $201 million under the SCL Line of Credit in October 2021 and March 2022, respectively.
- Income tax expense for the first quarter of 2022 was $2 million, compared to income tax expense of $14 million in the prior year quarter. Income tax expense for the first quarter of 2022 was primarily driven by a statutory rate of 17% on operations in Singapore.
Read full report (PDF)
18+ | Juegoseguro.es – Jugarbien.es
