Sands China posts US$245m net loss for Q4

The company had posted a loss of US$246m for 2020.
The company had posted a loss of US$246m for 2020.

Sands China has reported a net loss of US$245m for the last quarter of 2021, compared to a loss of US$423m in the previous quarter.

Macau.- Sands China has shared its financial results for the fourth quarter of the year 2021, reporting a net loss of US$245m. For the third quarter of 2021, the casino operator had reported a net loss of US$423m, an improvement on the US$562m loss recorded a year ago.

Revenue for the fourth quarter was up 5.4 per cent to US$649m. However, the figure was down 3.9 per cent when compared to the prior-year period. Adjusted property EBITDA was US$74m, which compares to US$47m in 2020.

In the mass market segment, the casino operator recorded a non-rolling table profit of US$431m in the fourth quarter, up from US$381m in the previous quarter. Slot machine revenue was US$39m, an improvement from US$33m in the previous quarter.

Rolling volume in the VIP business was US$2.3bn, down from US$2.7bn recorded in the previous quarter. 

In full-year results, net revenues rose 70.4 per cent year-on-year to US$2.87bn while net loss was US$1.05bn, compared to US$1.52bn in 2020. Adjusted property EBITDA for 2021 stood at US$338m, compared to a negative figure of US$431m in 2020.

Robert Goldstein, Las Vegas Sands’ chairman and chief executive, said that the Covid-19 pandemic continued to affect revenues, mainly due to travel restrictions and the lack of visitors. However, he remains confident in the “eventual recovery of the city.”

Marina Bay Sands, Las Vegas Sands property in Singapore, reported net revenues of US$368m for the fourth quarter. Adjusted property EBITDA stood at US$177m, up from US$15m in Q3 and up from US$144m in 2020.

The Singapore Tourism Board (STB) has recently reported 30,000 foreign tourists arrived in Singapore in 2021, generating tourism receipts of around S$1.9bn.

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