Sands China posts revenue of US$1.61bn for 2022
All operating segments and business categories continued to be impacted by the Covid-19 pandemic.
Macau.- Sands China has made a preliminary announcement of its annual results for the year ended December 31, 2022. Net revenue was down 44.2 per cent from HK$22.42bn (US$2.87bn) to HK$12.51bn (US$1.61bn). The company reported a loss of HK$12.33bn (US$1.58bn), compared to a loss of HK$8.17bn (US$1.05bn) in 2021.
The Group’s adjusted property EBITDA for 2022 was a loss of US$323m (HK$2.52bn) compared to US$341m (HK$2.66bn) in 2021. Net casino revenues were US$947m, a decrease of 52.3 per cent from US$1.99bn. The decrease in net casino revenues occurred across all properties, primarily due to a decline in visitation.
Operating expenses for the year were US$2.77bn, a decrease of 18.9 per cent from US$3.41bn in 2021 due to the reduced level of business owing to the Covid-19 pandemic.
Robert G. Goldstein, Sands China CEO and chairman said: “Throughout this challenging period, the company has prioritized the safety and security of our team members and customers, and on making a difference in support of those that have been impacted in Macau.
“We also accelerated our capital investment programs in Macao. Due to the ongoing impact of the pandemic and related travel restrictions, market-wide visitation to Macao was only about 6 million visits in 2022, a decrease of approximately 86 per cent compared to 2019, and approximately 26 per cent compared to the year 2021.”
He added: “Despite the travel restrictions in place during the year, our scale and financial strength allowed us to continue to provide support to our team members and the local community in Macao and to accelerate our capital investment programs in support of Macao’s diversification and long-term development objectives as the leading leisure and business tourism destination in Asia.”
Goldstein also pointed out the company has invested over US$15bn towards fulfilling its commitment to support Macao’s economic diversification. The investment comprises 12,392 hotel rooms and suites, as well as 2.1m square feet (195,000 square meters) of retail-mall offerings and 1.7m square feet (154,000 square meters) of MICE capacity.