Sands China posts US$423m net loss for Q3

Sands China has reported a net loss of US$423m for the third quarter of 2021, compared to a loss of US$166m in the previous quarter.

Macau.- Sands China has shared its financial results for the third quarter of the year, revealing a higher net loss of US$423m. Despite an increase from the previous quarter, the figure is an improvement on the US$562m loss recorded a year ago.

The casino operator’s revenue for the third quarter declined 28 per cent sequentially to US$611m. However, it was still a 265.9 per cent improvement when compared to the US$167m recorded in 2020. Adjusted property EBITDA during the third quarter was US$32m.

Robert Goldstein, Las Vegas Sands’ chairman and chief executive, said: “We remain confident in the eventual recovery in travel and tourism spending across our markets.”

The largest proportion of revenue came from The Venetian Macau, which generated US$253m and US$40m in adjusted EBITDA. The Londoner generated US$123m and the Parisian Macau US$102m. The former saw a positive US$5m in adjusted property results, while The Londoner finished with a negative US$33m.

Analysts at JP Morgan Securities said Sands China’s GGR was down 37 per cent quarter-on-quarter but that non-gaming revenue declined by only 4 per cent, mainly due to retail.

Marina Bay Sands, Las Vegas Sands property in Singapore, reported net revenues of US$249m for the third quarter, down 11.4 per cent year-on-year. Adjusted property EBITDA stood at US$15m, down from US$112m in Q2 and down 78.6 per cent year-on-year.