Las Vegas Sands remains confident on outlook despite pandemic-related restrictions

Las Vegas Sands Corp has posted financial results for the quarter ended June 30, 2021, citing the continued impact of pandemic-related travel restrictions and reduced visitation on business. 

Net revenue was $1.17bn, compared to $62m in the prior year quarter, while operating loss was $139m, compared to $757m year-on-year. Net loss from continuing operations in the second quarter of 2021 was $280m, compared to $841m versus Q2 2020.  

Consolidated adjusted property EBITDA came in at $244m, compared to $(425m) in the prior year quarter. 

Robert G Goldstein, Chairman and CEO, told investors: “We remain confident in the eventual recovery in travel and tourism spending across our markets. 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.” 

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25bn and anticipates the transaction to close in the fourth quarter of 2021.