Las Vegas Sands has released its Q2 2022 financial report revealing that the company recorded total losses of $290 million (€285 million) in the three months up to June 30th, 2022.
Macau pandemic closures blamed for poor Q2 performance
The latest figures represent a significant increase on the $192 million (€188.7 million) loss reported in the same period in 2021 with the poor performance attributed primarily to the ongoing pandemic situation in Macau.
This is expected to continue as last week the Macau health authorities made the decision to close all gambling facilities following a rise in local covid cases. This closure was then extended for a further five days earlier this week.
The company revealed that losses in Macau came following a 56.7% drop in revenues year-on-year to $368 million (€361.6 million).
Las Vegas Sands Singapore business fared much better with revenues at Marina Bay Sands more than doubling year-on-year to $679 million (€667.2 million), a jump of 70.2% on the previous quarter. Adjusted EBITDA at MBS increased by 185% year-on-year and 164% sequentially to US$319 million (€313.4 million).
Marina Bay Sands reported mass gaming win that hit 91% of 2019 levels, including non-rolling table win at 80% and slot win at 110%. Rolling volume of US$5.4 billion (€5.3 billion) was also 75% of 2019 levels, while hotel occupancy reached 93.9%.
Speaking in an investor call, LVS Chairman and CEO, Robert Goldstein said:
“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 US$319 million in Adjusted Property EBITDA.
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 Macau. We also remain steadfast in our commitment 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 pandemic.
We remain confident in the recovery of travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, while pandemic-related travel restrictions continue to limit visitation and hinder our current financial performance.
Our industry-leading investments in our team members, our communities, and our Integrated Resort property portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.