Las Vegas Sands reported net revenue of $943m for the first quarter of 2022, compared to $1.20bn in the year-ago period.
Casino revenue for the period represented $627M of total revenue, with rooms representing $95M. Food and beverage revenue was $53M, with the Mall totaling $149M. And convention, retail and others accounted for $19m of total revenue.
Macau operations accounted for US$551m of total revenue, led by The Venetian Macao (US$227m) and The Londoner Macao (US$121m). Plaza Macau and Four Seasons Macau posted revenue of US$102 million, with The Parisian Macao reaching US$74 million.
Sands Macau and Ferry Operations and Others reached totals of US$20m and US$7m, respectively. Marina Bay Sands recorded revenue of $399 million.
Operating loss was $302m and net loss was $478m, compared to $96m and $280m, respectively. The operator reported adjusted consolidated owned EBITDA of $110 million, compared to $244 million in the first quarter of 2021.
“While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company as a whole,” said Las Vegas Sands President and CEO Robert G. Goldstein .
“We remain excited about the opportunity to welcome more guests back to our properties as higher volumes of visitors will eventually be able to travel to Macau and Singapore.”
“We also remain steadfast in our commitment to supporting our team members and helping those in need in each of our local communities as they recover from the impact of the Covid-19 pandemic,” Goldstein added.
Biggest impacts on Las Vegas Sands revenue and expectations for the future
The lack of conventions has no doubt had an impact on the group’s revenue, as the segment achieved revenue of $143 million in Q1 2019, when pandemic-related restrictions were not an issue.
Sands noted that such restrictions, along with reduced visitation, continue to impact its bottom line. But, as Goldstein noted, continued investments in expanding capacity and growing the property portfolio in both Macau and Singapore have positioned the group for future growth.
“Our industry-leading investments in our team, our communities and our portfolio of Integrated Resort properties position us very well to deliver future growth as these travel restrictions ease and the recovery takes place,” said Goldstein.
“We are fortunate that our financial strength supports our investment programs and capital expenditures in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets,” concluded the CEO.
