Sands China says lawsuit against president will not impact the group

Wong Ying Wai, Sands China’s president, is listed as one of 34 defendants in a lawsuit brought by Hsin Chong Group Holdings, which is currently in liquidation.

Macau.- Sands China has issued a statement saying that it will not be affected by a lawsuit that names its president, Wong Ying Wai as one of 34 defendants. The lawsuit was brought by Hsin Chong Group Holdings Limited.

The lawsuit alleges, among other things, breaches of directors’ duties to the group, which was listed on the Hong Kong Stock Exchange until December 2019. The group is now in liquidation.

Sand China said that Wong has confirmed he has had no executive responsibilities in Hsin Chong since November 1, 2015 and that he strongly believes the claims are without merit. Sands China also clarified that the claims do not involve the group and or Wong’s performance of his duties.

According to the statement, the board of directors of the company believes the claims will not have any material adverse impact on the group’s ordinary business, operations and financial position.

Sands China has posted a net loss of -US$336m for the first quarter of the year. It also reported an adjusted real estate EBITDA loss of -US$11m for Q1 compared with a positive US$100m in the first quarter of 2021.

Total net income declined to US$547m. Net revenue from Singapore’s Marina Bay Sands fell to US$399m, down from US$426m in the first quarter of 2021. Adjusted EBITDA for the property was US$121m, compared to US$144m in the same period in 2021.

However, thanks to the sale of its Las Vegas operation, the company reported a US$2.53bn profit in the three months, which compares to a US$278m loss in Q1 2021. Its net loss from continuing operations was US$478m, compared to US$280m in Q1 2021.