Las Vegas Sands reports Q3 net revenue of $857m
LVS CEO Robert Goldstein expressed confidence in eventual recovery in travel and tourism in Macao and Singapore.
Las Vegas Sands reported third quarter 2021 net revenue of $857m, a 92% increase year-on-year.
Operating loss for Q3 was $316m, compared to $523m in the prior year quarter, while net loss from continuing operations was $594m versus $664m in Q3 2020.
Consolidated adjusted property EBITDA was $47m, compared to -$163m in the prior year quarter.
The Las Vegas-based developer and operator is in the process of moving out of the U.S. market after agreeing to sell the Venetian, Palazzo and Sands Expo and Convention Center for $6.25bn in March 2021. The company expects the sale to be complete in the first quarter of 2022.
Its Las Vegas properties generated Q3 net revenue of $399m, up 183% y-o-y, and adjusted property EBITDA of $132m, compared to -$40m in the prior year quarter.
Hotel occupancy for the quarter was 96.9%, versus 43.7% in Q3 2020.
LVS had unrestricted cash balances of $1.64bn as of Sept. 30, 2021 and access to $3.93bn for borrowing under its U.S., SCL and Singapore revolving credit facilities.
As of Sept. 30, its total debt outstanding was $14.50bn.
“While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive EBITDA in each of our markets. 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 G. Goldstein, chairman and chief executive officer. “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.”
“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 strong, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance.”
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