Las Vegas Sands Reports Improved Performance
The casino operator Las Vegas Sands Corp. (NYSE: LVS) has announced net revenue of $1.7 billion for the second quarter of the year, a huge increase on the $62 million of the same period last year when the pandemic first hit.
The company’s operating loss was $139 million, compared to $757 million in the same period last year, and net loss from continuing operations was $280 million, compared to $841 million.
As of the end of June, the corporation had unrestricted cash balances of $2.06 billion, while its total debt was $14.42 billion. During Q2, capital expenditures were $157 million, mainly due to construction, development, and maintenance at its Macau and Marina Bay Sands properties.
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 Macao and Singapore. We also remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the Covid-19 pandemic.
During the same period, Sands China saw net revenues increase from $40 million last year to $849 million this year. Net loss was $166 million, compared to $549 million last year.
Goldstein added that the company is confident about the recovery of travel and tourism and said that there had been “robust” demand from customers who have been able to visit. However, he said that visitor numbers were down due to travel restrictions in Macao and Singapore, which has affected financial performance.
Nonetheless, Goldstein is confident that the company is well-positioned to “deliver growth as these travel restrictions eventually subside and the recovery comes to fruition” and said that the company’s financial strength is able to support its investment programs and growth opportunities.
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