LVS nears Las Vegas divestment amid $315m Q4 net loss
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Las Vegas Sands has reported a slight 0.7% revenue decrease through 2021’s final quarter to $1.01bn, which is largely due to a 5.8% drop to $651m (2020: $689m) in the group’s casino division.
Operating loss through the quarter ending December 31 came in at $138m compared to a loss of $119m in the prior year quarter, with net loss widening to $315m from $303m year-on-year, and consolidated adjusted property EBITDA rising to $251m, contrasted to the $191m recorded one year earlier.
In addition to voicing optimism as an impending recovery in travel and tourism, and a subsequent uptick in delivering growth in the near future, the casino and entertainment operator also issued an update on impending divestments.
This saw LVS voice an expectation that the $6.25m sale of its Las Vegas real property and operations to an affiliate of funds managed by affiliates of Apollo Global Management will close during the first quarter of the current year.
“We remain confident in the eventual recovery in travel and tourism spending across our markets and enthusiastic about the opportunity to welcome more guests back to our properties in 2022 and the years ahead,” said Robert Goldstein, Chair and CEO.
“While pandemic-related travel restrictions continue to impact our current financial performance, we again generated positive EBITDA in each of our markets.
“We 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 pandemic.”
Full year 2021 operating loss was $689m, compared to operating loss of $1.39bn in 2020, with its casino segment up 29.4 percent YoY to $2.89bn (2020: $2.04bn). Net loss attributable to LVS was $961m, compared to a net loss of $1.69bn.
Goldstein added: “Our ongoing investments in our team members, our communities and our market-leading integrated resort offerings position us exceedingly well to deliver growth as 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.”
