Macau operator Sands China has reported “materially lower” operating results and cash flows for the first half of this year.
The company said that EBITDA was US$243m, down 115 per cent, compared with $1.63bn from the same half of last year. Total net revenues were $848m, down 81 per cent, compared with $4.47bn, and there was a loss of $716m compared with a profit of $1.07bn, therefore a decrease of 167.7 per cent.
Reporting ongoing development within its portfolio, the company said that work on the VIP and premium mass gaming areas at the Venetian Macao is expected to be completed in phases this year.
The Plaza is having work done on the grand suites at Four Seasons, the Parisian is upgrading its suites and has a new casino restaurant and at the Sands Cotai Central construction work to develop The Londoner Macau is continuing.
The latter will see landmarks such as The Houses of Parliament and Big Ben featured and have two new hotels. It should be ready later this year.
The company warned that if it is not allowed to resume normal operations and travel restrictions continue to be disruptive, the group’s financial condition will be further materially impacted.