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
Rory McIlroy Consensus Open Favorite in Native Northern Ireland, Star Shot 61 at Royal Portrush at Age 16 editorial policy.
  1. PASPA Repeal or Not, New Jersey Rep. Frank Pallone Plans to Introduce GAME Act to Congress to Legalize US State-by-State Sportsbetting Options

Compare Accounts
×
MGM’s Outgoing CEO Jim Murren To Stay “Involved” as Company Expands in Japan
Provider
Name
Description
Louisiana Cops Continue to Search for Casino Thief Who Stole Coat Stuffed with $45K  Red Rock Casino Resort Ordered to Negotiate with Las Vegas Union  Undefeated Wisconsin Still Out of Top Four of College Football Playoff Rankings  Los Angeles Lakers Heavy Favorites to Beat Miami Heat for NBA Championship  Rhode Island Teamsters Cry Foul as Casino Valets, Drivers Await Twin River Recall  Awkwafina to Star in ‘The Baccarat Machine’ Film About Cheung Yin Sun Edge Sorting Scheme  Las Vegas Alleged Cop Shooter Says He Fired Gun to ‘Scare’ Protesters, Bail Set at $1M  Mafioso Admits to Murders in ‘Brilliant’ College Sociology Thesis  Prestigious Journalism Award Recognizes Slain Las Vegas Reporter  Hawk Tuah Girl Hailey Welch Files Trademark for ‘Bet On That Thang’