Las Vegas Sands has published the report corresponding to the second quarter of 2022 and reports net income of 1,050 million dollars (1,028 million euros), a year-on-year decrease as the Covid-19 pandemic continues to affect performance.
Las Vegas Sands highlights the following aspects of the period culminating on June 30:
- Net income was €1,028 million, compared to €1,145 million in the prior year quarter.
- The operating loss was €143 million, compared to €136 million in the prior year quarter.
- Net loss from continuing operations in the second quarter of 2022 was €405 million, compared to €274 million in the second quarter of 2021.
- Consolidated Adjusted Property EBITDA was $209 million, compared to €238 million in the prior year quarter.
- Pandemic-related restrictions and reduced visitation continue to affect the company's financial results
- The recovery in Singapore accelerated during the quarter, with Marina Bay Sands generating Adjusted Property EBITDA of €312 million
- Ongoing investments in capacity expansion and property portfolio enhancement position the company for future growth
- The safety of team members and guests and support of local communities remain critical to our efforts.
Commenting on these results, Robert G. Goldstein, President and CEO of Las Vegas Sands, referenced the consequences of the pandemic on property performance, saying: "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. 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 Macau".
Regarding the future, the CEO emphasized “in the recovery of travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, while pandemic-related travel restrictions continue to limit visitation and hinder our current financial performance."
"Our industry-leading investments in our team members, our communities, and our Integrated Resort property portfolio position us exceedingly well to deliver future growth as travel restrictions 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," he added.
Net revenue was $1.05 billion, compared to $1.17 billion in the previous year quarter. Operating loss was $147 million, compared to $139 million in the previous year quarter. Net loss from continuing operations in the second quarter of 2022 was $414 million, compared to $280 million in the second quarter of 2021.
Consolidated adjusted property EBITDA was $209 million, compared to $244 million in the previous year quarter.
On the results of Sands China, the report indicates that total net revenues for SCL decreased to $368 million, compared to $849 million in the second quarter of 2021. Net loss for SCL was $422 million, compared to $166 million in the second quarter of 2021.
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