Las Vegas Sands reports $1.17bn in revenue for Q2 2021

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Las Vegas Sands Corp. has reported net revenue of $1.17bn for the second quarter of 2021, compared to $62m in the prior-year period.

Operating loss was $139m, compared to $757m in the prior-year period, while net loss from continuing operations was $280m, compared to $841m. Consolidated adjusted property EBITDA meanwhile was $244m.

Unrestricted cash balances as of 30 June 2021 totalled $2.06bn, while total debt outstanding was $14.42bn. Capital expenditures during the period totalled $157m, largely through construction, development and maintenance activities in Macau and at Marina Bay Sands, at $129m and $27m respectively.

“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,” said Robert G. Goldstein, Chairman and CEO. “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.”

Sands China meanwhile reported an increase in net revenues from $40m in the second quarter of 2020 to $849m in the second quarter of 2021. And net loss was $166m, compared to $549m in the period-year period.

“We remain confident in the eventual recovery in travel and tourism spending across our markets,” added Goldstein. “Demand for our offerings from customers who have been able to visit remains robust, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance.”

“Our industry-leading investments in our team members, our communities, and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition.

“We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

Source: https://www.gamblinginsider.com/

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