Las Vegas Sands reports net revenue of $1.01bn for Q3
The company continues to be hampered by its Sands China Limited operations.
Las Vegas Sands Corporation, the owner of convention-based Integrated Resorts, has reported its financial results for the third quarter of 2022. It reported net revenue of $1.01bn compared to $857m in the prior year quarter.
Its operating loss had also improved year-on-year, from $316m in 2021 to $177m this quarter. Net loss was $380m for Q3 2022, compared to $594 million in the third quarter of 2021. Sands’ consolidated adjusted property (EBITDA) was $191m, more than tripling its figure of $47m for Q3 of 2021.
Las Vegas Sands CEO and Chairman Robert G. Goldstein said he was pleased with the results, although travel restrictions were still evidently hampering the company’s revenue. Goldstein pointed to the Singapore-based Marina Bay Sands EBITDA of $343m as evidence of recovery in Sands’ Asian operations.
Goldstein commented: “We remain confident in the recovery of travel and tourism spending across our markets. Demand from customers who have been able to visit remains robust.
“Our investments in our team members, our communities and our industry-leading Integrated Resort property portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery in travel and tourism progresses.
“We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”
However, net loss for Sands China Limited was still $472m, an increase from the $423m reported in 2021’s Q3. The company was also hit by higher interest expenses – $183m for this year’s third quarter compared to $157m in the prior year quarter.
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