American casino operator Las Vegas Sands Corporation has released its second-quarter unaudited financial results showing that its net loss for the three-month period rose by slightly over 51% year-on-year to hit $290 million.
The Las Vegas-headquartered firm used an official Wednesday press release to detail that its aggregated revenues for the three months to the end of June dropped by almost 11% year-on-year to reach about $1.04 billion while its gaming receipts slumped by some 16% to approximately $709 million. The Nevada company moreover explained that this resulted in an operating loss of roughly $147 million, which was 5.7% worse off than the $139 million it chalked up for the same period last year, while its consolidated adjusted property earnings before interest, tax, depreciation and amortization decreased by 14.3% to $209 million.
Established in 1988, Las Vegas Sands Corporation is responsible for five casino resorts in Macau including the 3,000-room The Venetian Macao property and put the bulk of the most recent declines down to the impact of ongoing coronavirus restrictions in the former Portuguese enclave. The American behemoth additionally disclosed that its second-quarter net loss from these operations swelled by over 154% year-on-year to $422 million while associated revenues fell by 56.7% to $368 million.
However, Las Vegas Sands Corporation also runs the 2,561-room Marina Bay Sands property in Singapore and divulged that this prestigious venue saw its second-quarter revenues more than double year-on-year to $679 million, which furthermore equated to a sequential improvement of 70.2%. The operator noted that this impressive three-tower venue saw its earnings before interest, tax, depreciation and amortization for the three months to June 30 swell by 185% to top $319 million thanks to a mass-market gaming win rate that hit 91% of pre-pandemic levels and a hotel occupancy frequency of 93.9%.
Robert Goldstein serves as the Chairman and Chief Executive Officer for New York-listed Las Vegas Sands Corporation and he used the press release to proclaim that he was ‘pleased to see the recovery in Singapore accelerate during the quarter’ even as his firm’s wider financial situation was hit by ‘pandemic-related restrictions’ in Macau. The experienced executive nevertheless proclaimed that his company remains ‘enthusiastic about the opportunity to welcome more guests back’ to its properties as the improving coronavirus situation in Asia allows ‘greater volumes of visitors to travel’ and will continue a ‘commitment to supporting team members’ and those in its wider operating communities ‘as they recover from the impacts of the pandemic.’
Read a statement from Goldstein…
“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.”