Macau gaming concessionaire Sands China Ltd has reported a net loss of US$336 million in the three months to 31 March 2022, widened both from its 1Q21 loss of US$213 million and a Q4 loss of US$245 million.
The growing loss was due to the impact of COVID-19 outbreaks across parts of mainland China, including neighboring Guangdong Province, which resulted in tightened border restrictions and lower visitor arrivals. As a result, Sands China saw its total net revenues fall to US$547 million – down from US$771 million in 1Q21 and US$643 million in 4Q21.
Adjusted EBITDA from Macau operations was a US$11 million loss compared with Adjusted EBITDA of US$100 million a year earlier and US$74 million in Q4.
“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 as a whole,” said Las Vegas Sands Chairman and CEO Rob Goldstein.
“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 Macau and Singapore. We also remain steadfast in our commitment 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 recovery of 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 Macau and Singapore continue to limit visitation and hinder our current financial performance.”
At Marina Bay Sands in Singapore, revenues of US$399 million were down from US$426 million in 1Q21 but up from US$368 million in 4Q21, although Adjusted EBITDA of US$121 million was down on both prior quarters.
Group-wide, Las Vegas Sands reported net revenue of $943 million compared to US$1.2 billion a year earlier. Operating loss was US$302 million, widened from US$96 million in 1Q21, however consolidated Adjusted property EBITDA remained positive at US$110 million thanks to the contribution of MBS.
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