Pandemic Continues to Sink Las Vegas Sands: Q2 Report

Pandemic Continues to Sink Las Vegas Sands: Q2 Report.

Costfoto / NurPhoto / Getty Images

Key Takeaways

Las Vegas Sands (LVS) reported decreased net revenue and increased operating losses in its second-quarter 2022 report released Wednesday. The company blamed pandemic-related restrictions, particularly in Macao and Singapore, its outposts in Asia.

LVS stockSands Macau, pictured above, is one of Las Vegas Sands prime venues. (Image: CNBC)

Net revenue fell from $1.17 billion in the second quarter of 2021 to $1.05 billion in this year s second quarter, with Sands China’s falling from $849 million to $368 million over the same period.

Operating loss rose from $139 million to $147 million, and net loss from continuing operations rose from $280 million to $414 million, with Sands China’s net loss rising from $166 million to $422 million.

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,” read a statement from LVS chair/CEO Robert G. Goldstein.

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 (earnings before interest, taxes, depreciation, and amortization).”

Chair/CEO responds

Second-quarter 2022 capital expenditures totaled $198 million, including construction, development, and maintenance activities of $97 million at Marina Bay Sands, $67 million in Macau, and $34 million in corporate and other expenses. Consolidated adjusted property EBITDA was $209 million, compared to $244 million in the prior-year quarter.

Our industry-leading investments in our team members, communities, and integrated-resort portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery comes to fruition,” Goldstein s statement read. “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 Macao.”

LVS reported Q2 2002 income-tax expense of $110 million, compared to a benefit of $6 million in the prior-year quarter. LV Sands said the income-tax expense was driven primarily by a 17% statutory rate on the increased profits of LVS’ Singapore operations.

Outstanding Debt, Cash Balances

Unrestricted cash balances as of June 30 were $6.45 billion. LVS has access to $2.96 billion, available for borrowing under revolving credit facilities in the U.S., China, and Singapore, the company said, net of outstanding letters of credit.

As of June 30, total outstanding debt, excluding finance leases and purchases, was $15.35 billion.

Article Sources
Thieves Hit Casino in Peru, Steal More Than $20K as Country’s Crisis Deepens editorial policy.
  1. Rio Casino-Hotel Robbery Suspect Sought by Las Vegas Cops

Compare Accounts
×
India Man Burns Body to Cover Gambling Losses in Attempted Insurance Scam
Provider
Name
Description
Tribal Casinos Win Record $40.9B Off Gamblers in 2022 Fiscal Year  Mike Postle: Beau Rivage Casino Freezes Accused Poker Cheat’s Winnings  The $12B Breach of Contract Claim Against LVS is Overblown, Court Hears  Wynn Macau Poised to Nab Market Share from Rivals  Macau Chinese New Year Visits Plunge as Confirmed Coronavirus Cases There Reach Six  Missouri Sports Betting Bill Gains House Approval, Faces Uncertain Senate Odds  Casino Stocks Score Big on Lifting of Federal Sports Betting Ban  Alvin Chau, Fallen Suncity ‘Junket King’ Gets 18 Years in Prison  Esports Betting Could be Coming to New Jersey as State Eyes New Wagering Frontier  Thieves Hit Casino in Peru, Steal More Than $20K as Country’s Crisis Deepens