Las Vegas Sands reports 11% revenue drop for Q2
Sands CEO says decline is attributable to pandemic and travel restrictions.
Las Vegas Sands has reported net revenue of $1.05bn for Q2 of 2022, an 11% decrease from the previous year. Casinos contributed $709m in revenue, a sharp decline from $843m in 2021’s second quarter results.
Net loss from continuing operations in the second quarter of 2022 was $414m, compared to $280m in Q2 of 2021. Consolidated adjusted earnings – EBITDA – fell by $35m from $244m to $209m year-on-year.
Las Vegas Sands Chairman and CEO Robert Goldstein blamed these results on the residual effects of the pandemic. He said: “Pandemic-related restrictions continued to impact our financial results this quarter. We remain steadfast in our commitment 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 pandemic.”
Under the General Accepted Accounting Principles, total revenue decreased to $368m, compared to the $849m results of Q2 of 2021. This meant Sands felt the blow of a $422m net loss compared to a $166m loss from the prior year’s Q2 results.
Las Vegas Sands’ poor financial showing is heavily impacted by the performance of its Asian operations. The company’s Macau operations represented $374m of total revenue for the period, compared to $855m for 2021’s second quarter.
Goldstein was optimistic that results would improve in this region and across the board. He commented: “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 both Singapore and Macao.
“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, while pandemic-related travel restrictions continue to limit visitation and hinder our current financial performance.”
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