Operator News
Singapore – Recovery in Singapore helps proper Sands up
By Phil - 21 July 2022
A strong quarter in Singapore saw Las Vegas Sands post net revenues for the quarter ended June 30, 2022, of $1.05bn, compared to $1.17bn in the prior year quarter.
Operating loss was $147m, compared to $139m in the prior year quarter. Net loss from continuing operations in the second quarter of 2022 was $414m, compared to $280m in the second quarter of 2021.
Marina Bay Sands generated $319m in adjusted property EBITDA during the quarter.
Robert G. Goldstein, chairman and chief executive officer, 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 $319m in adjusted property EBITDA. The relaxation of pandemic related restrictions in Singapore and many of its source markets has enabled this encouraging improvement in the financial performance at MBS. We expect the more robust recovery over time as additional airlift in the Singapore comes online and further relaxation measures in the region are implemented.
“Our conviction the long-term opportunity at Singapore might remain steadfast. Our $1bn capital investment is underway at Marina Bay Sands as introduced exceptional new suite product and premium segment focused amenities the resort, more offerings will be added throughout the remainder of 2022 and ’23. And this one has the properties appeal to premium customers seeking the highest level travel experiences.
Mr Goldstein added: “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.”
“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 Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”
