Las Vegas Sands posts 11% revenue increase in Q4

Las Vegas Sands (LVS) reported net income of $1.12 billion for the fourth quarter of 2022, an increase of 11% year-over-year. Revenue from The Venetian Macau accounted for US$201 million of that total, with The Londoner Macao and The Parisian Macao accounting for US$93 million and US$51 million.

Four Seasons Macau and Plaza Macau’s fourth quarter revenue was US$75 million, with Sands Macau revenue of US$17 million and other operations around US$7 million, meaning that LVS in Macau was US$444 million. Revenue from Marina Bay Sands, in turn, was US$ 682 million.

Operating loss was $166 million for the fourth quarter of 2022, compared to $138 million for the fourth quarter of 2021, while a net loss from continuing operations was $269 million for the fourth quarter of 2022, compared to $315 million in the fourth quarter of 2021. Adjusted real estate EBITDA was $222 million in the period, down 12% from the fourth quarter of 2021.

Las Vegas Sands CEO comments on fourth-quarter results

On the fourth quarter results, LVS President and CEO Robert G. Goldstein said, “While travel restrictions and reduced visits continued to impact our financial performance during the quarter, we remain confident of a robust recovery in the quarter. travel and tourism spending in our markets and deeply excited about the opportunity to welcome more guests to our properties throughout 2023 and beyond.”

LVS also reported its full-year 2022 results, with an operating loss of $792 million compared to $689 million in 2021. Net income was $1.83 billion in 2022, which included a gain of $3.60 billion from the sale of the group’s Las Vegas properties and operations, compared to a net loss of $961 million in 2021.

In December 2022, Sands China was one of six current Macau concessionaires to have formally obtained a new 10-year license, which came into effect on January 1, 2023.

Goldstein added, “Looking forward, our industry-leading investments in our team members, our communities and our industry-leading integrated resort offerings position us extremely well to drive growth as travel restrictions are relaxed further. and recovery takes place”.

“We are fortunate that our financial strength supports our ongoing investment and capital injection programs in Macau and Singapore, as well as our search for growth opportunities in new markets”, he concluded.