Las Vegas Sands Corp Reports $478 Million Loss for the First Quarter of 2022

The US-based casino resort operator Las Vegas Sands Corp posted net revenue of $943 million for the first quarter of 2022, compared to $1.2 billion in the prior-year quarter.

The revenue of the casino division was $627 million of the total revenue, while the accommodation revenue amounted to $95 million. The revenue from food and beverage was worth $53 million and the Mall revenue accounted for $149 million. The revenue from convention, retail, and others amounted to $19 million.

Macau Operations Facing New Challenges

The operations of the US casino giant in Macau amounted to $551 million of its total revenue compared to $777 million for the first quarter of 2021. The net revenues of the company’s Macau operations include the following properties: The Venetian Macao with $227 million, The Londoner Macao with $121 million, The Plaza Macao and Four Seasons Macao with $102 million, The Parisian Macao with $74 million and Sands Macao with $20 million. Ferry Operations and Other’s net revenue accounted for $7 million.

Operating loss was $302 million in comparison with $96 million for the same period in 2021. The net loss from continuing operations for the quarter ended March 31, 2022, was $478 million compared to $280 million in the prior-year quarter. Las Vegas Sands Corp’s consolidated adjusted property EBITDA was $110 million, while for the first quarter of 2021 it was $224 million. The company registered a quarterly loss of $0.40 per share compared to a loss of $0.25 per share in the year-ago period.

Positive EBITDA despite the COVID 19 Restrictions

Robert G. Goldstein, chairman, and chief executive officer of Las Vegas Sands Corp., commented that the company managed to generate positive EBITDA at the Singapore-based Marina Bay Sands and for the entity generally, despite the impact of the COVID 19 pandemic-related limitations on the company’s financial results. He added that the company’s team was enthusiastic about the fact that they could receive more guests in the company’s resorts and properties due to the large number of visitors, who are now able to travel to Macau and Singapore. Las Vegas Sands Corp continues to be committed to supporting its team members and to helping those who are in need in their local communities, which recuperate from the COVID 19 pandemic’s impact.

Goldstein also stated that the company expected to continue with its future growth because of the ongoing investments in capacity expansion and improvement of the property portfolio in Singapore and Macau.

In February 2022, Las Vegas Sands Corp agreed to sell its Las Vegas properties, namely The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for approximately $6.25 billion to Apollo Global Management. The casino resort operator stated that it would focus on its Asia operations.