Q1 2022: Las Vegas Sands continues to struggle
Pandemic’s effect on travel is main reason behind stymied growth.
Las Vegas Sands (LVS) has released its first quarter results for 2022, revealing an institution still beset by issues stemming from the global pandemic. Restrictions surrounding travel to Asia – where the company has considerable holdings – have been highlighted as the cause of the sluggish performance.
The report summarizes the quarter ending March 31, 2022.
Net revenue was down over the year before, to $943m from $1.20bn. Operating loss for the company was at $302m, a significant increase on the $96m seen the year before. Net loss reached $478m, again, significantly more than the $280m of the year before. EBITDA was also down, from $244m the year before to $110m.
Among the highlights of the quarter was the sale of the company’s Las Vegas property for $5.05bn. This figure refers to cash proceeds prior to capital adjustments, transaction costs and income taxes. Additionally, LVS was able to provide $1.20bn in seller financing. This came in the form of a six-year secured term loan.
Though American operations were slightly down, LVS was able to report positive adjusted property EBITDA at its Marina Bay Sands location in Singapore.
The losses on the American side of largely been attributed to the pandemic. As CEO Robert Goldstein pointed out: “While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company as a whole.”
He went on to express continued faith in the future: “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, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance.”
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