Sands China has registered a $1.58bn loss for 2022, as casino revenues fell by 52.3 per cent yearly to just $947m.
The results come after parent company Las Vegas Sands reported a $166m operating loss in 4Q22, despite recording a 10 per cent yearly increase in net revenue to $1.11bn during the period.
Net revenue for Sands China was down 44.2 per cent yearly to $1.6b during 2022, “mainly driven by a decrease in visitation” due to travel restrictions resulting from Covid cases in Macau and China.
Speaking about the travel restrictions and pressure the company faced over the year, the group’s CEO Rob Goldstein noted that the group had “operated with a wide range of cost control measures in place but maintained our commitments to our employees and avoided mass workforce reductions.”
The Macau government had mandated that gaming operators avoid laying off their local workforce, leveraging the fact that the company was negotiating for its new 10-year gaming licence which came into effect on January 1.
Source: Asia Gaming Brief