Sands China reports $213m loss for Q1 2021

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Sands China reports $213m loss for Q1 2021

Sands China Ltd has reported total Q1 net revenue of $771m, a 5% year-on-year decline. Net loss for the company was $213m, compared to $166m in the first quarter of 2020.

Adjusted property EBITDA for Q1 2021 was $100m, against $67m the previous year.

The Venetian Macao recorded net revenue of $340m, an 8% growth compared to $315m for the same period in 2020; revenue for the Londoner Macao declined by 19%.

Meanwhile, the Parisian Macao recorded $87m in revenue, a 38% drop. The Plaza Macao saw revenue grow 59% to $170m, against $107m reported in Q1 2020.

While the drop in figures was impacted by the travel restrictions and closures caused by Covid-19, Robert G. Goldstein, chairman and CEO of Las Vegas Sands, was positive about the future.

“We remain confident in the eventual recovery in travel and tourism spending across our markets,” he said, and assured the company remains “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.”

For Q1, Las Vegas Sands reported net revenue of $1.2bn, a decrease of 15.6% from the prior-year quarter. Operating loss was $96m, against $6m last year. Net loss from continuing operations in Q1 2021 was $280m, compared to $92m for the same period in 2020. Consolidated adjusted property EBITDA was $244m.

Goldstein added: “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.”