Las Vegas Sands confident travel and tourism will bounce back

Las Vegas Sands confident travel and tourism will bounce back

Las Vegas Sands expressed confidence in continuing to develop in the future, when “travel restrictions gradually diminish and the recovery takes hold.”

This comes as the real-money casino and entertainment operator released its financial results through the fourth quarter of 2021, during which the group stated that pandemic-related travel restrictions continued to “affect our present financial performance.”

Las Vegas Sands reeling still from pandemic

Net revenue was $1.01 billion during this period, a slight decrease of 0.7 percent from a year ago, with casino revenue of $651 million, down 5.8 percent from $689 million. Food and beverage income decreased to $51 million (2020: $55 million), while the group’s rooms; mall; convention, retail, and other revenue increased to $104 million (2020: $99 million); $180 million (2020: $153 million); and $22 million (2020: $19 million), respectively.

Operating loss was $138 million, compared to $119 million in the preceding year, net loss was $315 million, up from $303 million a year earlier, and adjusted property EBITDA closed the quarter at $251 million, up from $191 million in 2020. Additionally, LVS anticipates concluding the $6.25 million sales of its Las Vegas real estate and activities to an affiliate of funds managed by Apollo Global Management affiliates in the first quarter of the current year.

Quotes from the Press Release

“We remain optimistic about the eventual rebound in travel and tourism spending throughout our markets and excited about the prospect of welcoming additional guests to our facilities in 2022 and the years ahead,” said Chairman and Chief Executive Officer Robert Goldstein.

“While travel limitations imposed by the pandemic continue to influence our present financial performance, we earned positive EBITDA in each of our markets.” We remain steadfast in our commitment to assisting our team members and those in need in each of our local communities as they recover from the pandemic’s impact.

“Our continued investments in our team members, communities, and market-leading integrated resort products position us extremely well to thrive as travel restrictions ease, and the recovery takes hold. We are fortunate that our financial strength enables us to pursue expansion prospects in new markets through our investment and capital expenditure projects in Macao and Singapore.”

 

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.