There is a distinct shift in earnings emphasis at Las Vegas Sands, to Macau and Singapore, judging by the group’s first quarter results.
The company, which is in the course of selling off its Las Vegas business to Apollo Global Management and Vici Properties for $6.25bn, appears to be investing in its overseas business.
Announcing the quarter’s earnings, CEO Rob Goldstein said: “We remain confident in the eventual recovery in travel and tourism spending across our markets.
“Demand for our offerings from our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in Macau and Singapore, continue to limit visitation and hinder our current financial performance.”
Sands reported a net loss of $342m on revenue of $1.196bn compared with a net loss of $51m on revenue of $1.147bn in the comparative quarter.
Macau casinos were closed for 15 days in the quarter and while the figures in the Chinese resort and in Singapore fell, the company is optimistic that an improvement is becoming visible as travel recovers.