Operator News
Singapore – Travel restrictions and reduced visitation continue to impact Las Vegas Sands
By Phil - 20 October 2022
Las Vegas Sands said that travel restrictions continued to affect visitation to its casinos for the quarter ended September 30, 2022, with revenues decreasing to $251m, compared to $611m in the third quarter of 2021. Net loss for SCL was $472m, compared to $423m in the third quarter of 2021.
“While travel restrictions continued to impact our financial results this quarter, we were pleased to see further progress in Singapore’s recovery, with Marina Bay Sands reaching $343m in adjusted property EBITDA. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are able to travel to both Singapore and Macao,” said Robert G. Goldstein, chairman and chief executive officer.
“We remain confident in the recovery of travel and tourism spending across our markets. Demand from customers who have been able to visit remains robust.
“Our investments in our team members, our communities and our industry-leading Integrated Resort property portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery in travel and tourism progresses. 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.”
Net revenue was $1.01bn, compared to $857m in the prior year quarter. Operating loss was $177m, compared to $316m in the prior year quarter. Net loss from continuing operations in the third quarter of 2022 was $380m, compared to $594m in the third quarter of 2021.
Consolidated adjusted property EBITDA was $191m, compared to $47m in the prior year quarter.
