Sands China posts net revenue of US$915m for H1

The company reported an adjusted property EBITDA loss of HK$94m.
The company reported an adjusted property EBITDA loss of HK$94m.

Net revenue was down by 43 per cent year-on-year.

Macau.- Sands China has shared its financial results for the first half of the year, posting a loss of HK$5.96bn (US$760m). That compares to a loss of HK$2.96bn (US$381m) in the first half of 2021.

The company reported an adjusted property EBITDA loss of HK$94m (US$120m), compared to an adjusted property EBITDA of HK$1.82bn (US$234m) in the first half of 2021. Net revenue for the group decreased by 43.5 per cent to HK$7.18bn (US$915m).

The company said that all of its operating segments and business categories for the six months ending June 30 were impacted by the Covid-19 pandemic. It noted that visitation to Macau has remained substantially below pre-Covid-19 levels as a result of government policies limiting or discouraging travel. 

It added: “Our gaming operations remained open during the six months ended June 30, 2022. Guest visitation to our properties, however, was adversely affected during the six months ended June 30, 2022, due to the various outbreaks that occurred in Shanghai, Hong Kong, Guangdong and Macau, which resulted in tighter travel restrictions.”

Sands China said that, as of June 30, it has sufficient liquidity in place, including cash and cash equivalents and excluding restricted cash and cash equivalents of US$766m, and access to US$1.04bn of available borrowing capacity from its 2018 SCL Revolving Facility.

It said: “While pandemic-related restrictions continued to impact our financial results in the first half of 2022, we remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macau.”

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