Sands China reports US$423 M loss in 3Q21 as Macau COVID outbreaks slow recovery

The results were heavily impacted by small outbreaks of COVID-19 in Macau in early August and late September, which saw restrictions imposed on its borders with mainland China. Some of those restrictions, including a mandatory 14-say quarantine measure on all arrivals entering neighboring Zhuhai from Macau, were only eased this week.

Sands China’s 3Q21 results included net revenues of US$611 million, up from US$167 million over the same period last year but down from US$849 million in the June 2021 quarter.

However, it did still manage positive Adjusted EBITDA of US$32 million, driven by The Venetian Macao, which recorded Adjusted EBITDA of US$40 million, and The Plaza Macao and Four Seasons Macao at US$42 million. The Parisian Macao recorded US$5 million in Adjusted EBITDA although The Londoner Macao recorded an Adjusted EBITDA loss of US$33 million and Sands Macao a loss of US$21 million.

“While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive EBITDA in each of our markets,” said Robert Goldstein, Chairman and CEO of Sands China and its parent, Las Vegas Sands.

“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 strong, but pandemic-related travel restrictions in both Macau and Singapore continue to limit visitation and hinder our current financial performance.”

Marina Bay Sands reported revenues of US$249 million in 3Q21, down from US$281 million a year earlier and from US$327 million in 2Q21. Adjusted EBITDA was US$15 million.

Group-wide, LVS saw its net revenue almost double year-on-year from US$446 million in 3Q20 to US$857 million in 3Q21, although that was down from US$1.17 billion in revenues in the June 2021 quarter.