Las Vegas Sands records $244m EBITDA in Q2 revenue report
Net revenue of $1.17bn sees huge increase from the same period last year.
Casino developer and operator Las Vegas Sands has announced its financial results for the period ending June 30, 2021.
The company’s Q2 results see net revenue of $1.17bn recorded compared to the $62m during the same period in 2020.
Last year’s period also saw operating losses at $757m, which fell to $139m. Meanwhile, losses from continuing operations were $280m.
“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 Macao and Singapore,” said Robert Goldstein, chairman and CEO of Las Vegas Sands. “We also remain deeply committed 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 Covid-19 pandemic.”
In addition, Sands China recorded an increase in net revenue from $40m in 2020 to $849m in Q2 of this year. Losses sit at $166m in comparison to $549m during the same period last year.
Furthermore, the report shows consolidated adjusted property EBITDA to be $244m.
Sands revealed unrestricted cash balances as of June 30 are $2.06bn.
The company also has an outstanding debt of $14.42bn.
Construction costs saw capital expenditures recorded at $157m, which are mainly derived from activities in Macau and Marina Bay Sands.
Goldstein continued: “We remain confident in the eventual recovery in 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. Our industry-leading investments in our team members, our communities, and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”
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