Las Vegas Sands reports net loss of US$315 million and maintains positive EBITDA in 4Q21

Las Vegas Sands reported net revenue of US$1.01 billion from its Asian operations in the three months to December 31, 2021, broadly consistent with the same period last year, the pandemic of COVID-19 continuing to impact tourism in Macau and Singapore.

4Q21 results included a 3.9% year-over-year decline in net revenue from its Macau properties, operated by subsidiary Sands China, to US$643 million with a net loss of US$245 million. US dollars – also similar to the US$246 million loss Sands China reported a year earlier. Adjusted real estate EBITDA increased 36.5% to US$74 million.

By ownership, The Venetian Macao saw its net revenue drop 16.8% to US$272 million while The Parisian Macao suffered a 67.3% decline to US$67 million. However, The Londoner Macao – formerly Sands Cotai Central – saw revenues increase by 46.3% to US$139 million and The Plaza Macao and Four Seasons by 22.8% to US$140 million.

For FY21, Sands China posted a 70.4% increase in net revenue to US$2.87 billion with a net loss of US$1.05 billion from US$1.52 billion in 2020.

In Singapore, Marina Bay Sands continued to outperform the company’s casinos in Macau, with net revenue up 6.7% year-on-year to US$368 million and adjusted EBITDA up 22.9% to US$177 million. US dollars. FY21 net revenue in Singapore improved to $1.37 billion from $1.26 billion in 2020.

Group-wide, LVS posted a net loss of US$315 million for the December quarter, compared to a net loss of US$303 million in 4Q20.

“We remain confident in the eventual recovery of travel and tourism spending in our markets and excited to welcome more guests back to our properties in 2022 and beyond,” said Chairman- CEO of LVS, Robert Goldstein.

“As 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 helping those in need in each of our local communities as they recover from the impact of the pandemic.

The company’s group-wide results no longer include its Las Vegas assets, currently listed as a “discontinued operation held for sale” after LVS reached definitive agreements last year to sell all Las Vegas properties and operations for $6.25 billion.

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