Operator News
US – Sands loss in 2021 comes in at US$689m
By Phil - 27 January 2022
Las Vegas Sands Corp. halved its loss last year, recording a loss of US$689m in 2021, compared to operating loss of $1.39bn in 2020, with revenues in the fourth quarter down 0.7 per cent on the quarter last year.
“We remain confident in the eventual recovery in travel and tourism spending across our markets and enthusiastic about the opportunity to welcome more guests back to our properties in 2022 and the years ahead,” said Robert G. Goldstein, Chairman and Chief Executive Officer. “While pandemic-related travel restrictions continue to impact our current financial performance, we again generated positive EBITDA in each of our markets. We remain deeply committed 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.”
“Our ongoing investments in our team members, our communities and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as travel restrictions eventually 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.”
Net revenue was $1.01bn, a decrease of 0.7 per cent from the prior year quarter. Operating loss was $138m, compared to operating loss of $119m in the prior year quarter. Net loss in the fourth quarter of 2021 was $315 million, compared to net loss of $303m in the fourth quarter of 2020.
Consolidated adjusted property EBITDA was $251m, compared to $191m in the prior year quarter. Full year 2021 operating loss was $689m, compared to operating loss of $1.39bn in 2020. Net loss attributable to Las Vegas Sands was $961m, or $1.26 per diluted share, in 2021, compared to net loss of $1.69bn, or $2.21 per diluted share, in 2020.
In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25bn and anticipates the transaction to close in the first quarter of 2022. The financial position, results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation held for sale.
On a GAAP basis, total net revenues for SCL decreased 4.3 per cent, compared to the fourth quarter of 2020, to $643m. Net loss for SCL was $245m, compared to $246m in the fourth quarter of 2020. On a GAAP basis, full year 2021 total net revenues for SCL increased 70.4 per cent, compared to the full year 2020, to $2.87bn. Net loss for SCL was $1.05bn in 2021, compared to $1.52bn in 2020.
