Sands China posts net loss of US$348m for Q4
Sands China has posted negative adjusted property EBITDA of US$51m for the last three months of the year.
Macau.- Sands China has shared its financial results for the fourth quarter of the year 2022. It posted a net loss of US$348m compared to US$472m in the previous quarter. Net revenue was US$444m, up 72.1 per cent quarter-on-quarter.
The company posted negative adjusted property EBITDA of MOP1.2bn US$51m, compared to an EBITDA loss of US$152 in the third quarter of 2022. The mass-market chip drop at the Venetian Macao was US$491m in the fourth quarter, up 68.2 per cent when compared to the US$292m recorded in Q3.
Robert G. Goldstein, Sands China CEO and chairman, noted that as Macau’s Covid-19 measures were not lifted until the start of January, travel restrictions and reduced visitor volume had continued to impact Sands financial performance during the fourth quarter.
He said: “We remain confident in a robust recovery in travel and tourism spending across our markets and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead.”
For full-year 2022, Sands China reported revenue of just below US$1.63bn, down from nearly US$2.90bn in 2021. Adjusted property EBITDA stood at US$732m in 2022, down from US$786m a year earlier. The company registered a net loss of US$1.58bn in 2022, compared to US$1.05bn in 2021.
