Sands China posts net loss of US$472m for Q3

Sands China has posted negative adjusted property EBITDA of MOP1.2bn (US$152m) for the third quarter of the year.

Macau.- Sands China has shared its financial results for the third quarter of the year. It posted a net loss of MOP3.8bn (US$472m) compared to MOP3.4bn (US$423m) in the same period last year. Net revenue was MOP2bn (US$251m), 41 per cent of that recorded in the same period last year (MOP4.9bn).

The casino operator posted negative adjusted property EBITDA of MOP1.2bn (US$152m), compared with positive EBITDA of MOP258m (US$32m) in the third quarter of 2022. Results were heavily affected by the two-week closure of casinos in Macau in July and the lack of tourists due to a new outbreak of Covid-19 cases.

Robert G. Goldstein, Sands China CEO and chairman, said: “We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are able to travel to Macau.”

He said the company had confidence in Macau’s tourism recovery and long-term growth prospects.

In the second quarter of the year, Sands China had reported a net loss of US$422m. Revenue plunged by 56 per cent year-on-year to US$368m