Las Vegas Sands, the leading developer and operator of convention-based integrated resorts, has reported financial results for the quarter ended June 30, 2022.
“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,” said Robert G Goldstein, chairman and CEO.
“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 Macau.
“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 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 programmes in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”
Net revenue was $1.05bn, compared to $1.17bn in the prior year quarter. Operating loss was $147mi, compared to $139mi in the prior year quarter.
Net loss from continuing operations in the second quarter of 2022 was $414mi, compared to $280m in the second quarter of 2021. Consolidated adjusted property EBITDA was $209m, compared to $244m in the prior year quarter.