Sands China’s financial results for the first quarter of the year show it returned to negative adjusted EBITDA.<\/p>\n\n\n\n\n\n\n\n
Macau.- Sands China Ltd<\/strong> has reported a net loss of -US$336m for the first quarter. It reported an adjusted real estate EBITDA loss of -US$11m for Q1 compared with a positive US$100m in the first quarter of 2021.<\/p>\n\n\n\n Total net income declined to US$547m. Net revenue from Singapore’s Marina Bay Sands <\/strong>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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Robert Goldstein<\/strong>, Las Vegas Sands CEO, said: “While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company as a whole.”<\/p>\n\n\n\n He then stated: “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.”<\/p>\n\n\n\n Wilfred Wong Ying Wai, president of Sands China, has recently revealed that the company has dismissed more than 3,000 non-local employees<\/a> since the start of the Covid-19 pandemic. He also said the company\u2019s investments in non-emergency construction projects will be delayed<\/strong> if the economic impact of the Covid-19 pandemic continues.<\/p>\n\n\n\n Las Vegas Sands Corp expects EBITDA from its Marina Bay Sands integrated resort in Singapore to reach US$1bn by the end of 2022. During a conference call, Goldstein said Marina Bay Sands was seeing growth from all segments of the market.<\/p>\n\n\n\n Goldstein said: \u201cMacau is in a difficult place right now. So, people are going to gravitate to other opportunities. They want to travel \u2026 I think our Marina Bay Sands product is in a very, very unique opportunistic window here.\u201d<\/p>\n\n\n\n The Singapore National Tourism Board executive director Keith Tan<\/strong> told a forum in Manila that Singapore aims to remove all Covid-19 test requirements<\/a> for fully vaccinated tourists within the next few weeks.<\/p>\n\n\n\n Goldstein added that Las Vegas Sands is still “resolving questions” regarding its S$4.5bn (US$3.31bn) expansion plan at Marina Bay Sands. In 2019, Las Vegas Sands had committed to invest S$4.5bn (US$3.3bn) in the expansion of the Marina Bay Sands hotel <\/strong>within eight years. However, the project was delayed<\/a> due to the Covid-19 pandemic.<\/p>\n\n\n\n Separately, the company has started a US$1bn renovation project<\/a> at Marina Bay Sands, which is scheduled to be completed in phases in 2022 and 2023.<\/p>\n\n\n\nMarina Bay Sands could reach EBITDA of US$1bn in 2022, Goldstein says<\/h2>\n\n\n\n