Sands China posts US$125m net loss for August
Sands China has reported a net loss of US$125m for August, while monthly GGR plummeted 82 per cent compared to pre-pandemic levels.
Macau.- Casino operator Sands China has reported figures for August, with US$125m in net losses and net revenues at US$148m. Adjusted negative property EBITDA was US$14m, compared to a positive EBITDA of US$44m in July.
Monthly gross gaming revenue for August was up 234 per cent year-on-year but down 82 per cent when compared to 2019 levels. Sands China said strict border restrictions implemented in Macau had deeply affected the results.
Macau’s GGR declined by 47.7 per cent month-on-month in August, a month that was impacted by local cases of Covid-19 and hundreds of cancelled flights. At MOP$4.44bn (US$554.5m), it was the lowest monthly GGR figure since September 2020.
Sands China said: “The Covid-19 pandemic has materially adversely affected the number of visitors to our facilities and disrupted our operations, and we expect this adverse impact to continue until the Covid-19 pandemic is contained.”
As of August 31, Sands China’s total liquidity is US$2.56bn, including US$556m in cash and cash equivalents (excluding restricted cash and cash equivalents) and US$2bn available under the 2018 SCL Revolving Facility.
The group plans to issue a series of senior notes and use the net proceeds and cash on hand to redeem in full the outstanding principal of the 2023 notes with an interest rate of 4.600 per cent of US$1.8bn.
Sands China posts US$166 in net losses for Q2
For Q2, Sands China reported US$166m in net losses and revenues up at US$849m. Adjusted property EBITDA was US$132m, compared to a loss of US$312m for the second quarter of 2020.
The largest proportion of revenue came from The Venetian Macau, which generated US$391m, while The Londoner generated US$189m and the Parisian Macau US$101m.
Robert G. Goldstein, chairman and chief executive officer of Las Vegas Sands said: “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 and Singapore.
