Las Vegas Sands remains confident in post pandemic recovery

Las Vegas Sands has reiterated enthusiasm at the prospect of welcoming a greater volume of visitors to its properties, as the group reports that pandemic-related travel restrictions continue to impact financial results.

Net revenue for the second quarter amounted to $1.17bn compared to $62m during the prior year, with operating loss coming in at $139m as opposed to $757m through the same timeframe in 2020.

Net loss from continuing operations in the second quarter of 2021 was $280m, compared to $841m in the second quarter of 2020, with consolidated adjusted property EBITDA coming in at $24m, compared to a loss of $425m a year earlier.

Total net revenue for Sands China increased to $849m, compared to $40m in the second quarter of 2020, with net loss for SCL dropping to $166m from $549m.

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 that the transaction will close in the fourth quarter of 2021

“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 Macao and Singapore,” said Robert Goldstein, chairperson 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 customers who have been able to visit remains robust, but pandemic-related travel restrictions in both 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.”