Las Vegas Sands reports 11% revenue increase for Q4 2022
Sands saw its annual operating loss increase by 20% from the same prior year period.
Las Vegas Sands has released its results for the fourth quarter of 2022 which showed an overall 11% revenue increase to $1.12bn, albeit with an operating loss of $166m. This operating loss was a 20% year-over-year increase (from $138m in Q4 2021) for the casino giant.
However, net loss from continuing operations was $269m in Q4 2022 compared to $315m in the same prior year period, a 14% decrease. Adjusted property EBITDA amounted to $222m for the period, a decline of 12% from the fourth quarter of 2021.
The largest Asian land-based revenue generator was The Venetian Macao which represented $201m of total revenue. However, this was a significant 26% drop from the $272m it generated in Q4 2021. The Londoner Macao and The Parisian Macao came in second and third respectively, reporting totals of $93m and $51m.
Sands Chairman and CEO Robert G. Goldstein commented: “While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, we remain confident in a robust recovery in travel and tourism spending across our markets and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead.”
Sands also published its full-year results for 2022, which showed a 12% decrease in operating loss, from $792m in 2022, compared to $689m in 2021.
The operator and its investors would have taken heart at Sands China being awarded a new 10-year license, which took effect on 1 January 2013.
Goldstein further commented: “In Macao, we were gratified to receive a new gaming concession during the quarter, which will enable us to continue our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism. We remain deeply confident in the future of Macao and consider it an ideal market for additional capital investment.”
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