Las Vegas Sands Revenue Drops 11% YoY

Las Vegas Sands, the casino operator with several properties in Macau and Singapore, has reported net revenues of $1.05 billion for Q2 2022, a fall of 11% from the same period last year.

Of that figure, $709 million came from casino compared to $843 million in Q2 2021. During Q2 this year, the company saw operating losses of $147 million, up $8 million on last year, and the net loss from continuing operations was $414 million, up $280 million year-on-year. The consolidated adjusted property EBITDA for Q2 2022 was $209 million, while it was $244 million last year.

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. 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.

Robert G. GoldsteinLas Vegas Sands Chairman and CEO

Las Vegas Sands Macao operations brought in $374 million of the total revenue in Q2, down from $855 million in Q2 2021. However, there was an increase in revenue from Marina Bay Sands; it was up to $679 million in Q2 this year from $327 million in Q2 last year.

Goldstein went on to say that the company’s investments in its team, communities, and property portfolio leave it well positioned to deliver future growth as global travel restrictions continue to subside. Earlier this month, all casinos in Macau were forced to close due to a coronavirus outbreak.

Goldstein added, “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.”