Las Vegas Sands has spoken enthusiastically about the prospect of welcoming an increasing number of guests across its Macau, Singapore and Las Vegas venues, as pandemic related restrictions continue to hinder performance.
Asserting confidence in the eventual recovery of travel and tourism across its operational markets, LVS adds that its “financial strength” supports investment and expenditure programs in Macau and Singapore, as well as the pursuit of growth opportunities in other markets.
The comments come as the integrated resort developer and operator publishes a financial update for the quarter ending March 31, 2022, during which time net revenue decreased 15.6 per cent year-on-year to finish up at $1.19bn (2020: $1.41bn).
Consolidated adjusted property EBITDA finished up at $244m compared to $349m in the prior year quarter, operating loss stood at $96m contrasted to income of $6m one year earlier, with net loss from continuing operations in the first quarter of 2021 at $280m (2020: $92m).
In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25bn, and anticipates the transaction to close in the fourth quarter of 2021.
“We couldn’t be more enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao, Singapore and Las Vegas,” explained Robert Goldstein, chairman and chief executive officer.
“We also remain deeply committed 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 eventual recovery in travel and tourism spending across our markets. Demand for our offerings from our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in Macao and Singapore, continue to limit visitation and hinder our current financial performance.
“Our industry-leading investments in our team members, our communities, and our market-leading integrated resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually 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.”