Sands China Limited's Q2 net loss widens
Macau and its local Sands China Limited subsidiary of U.S. casino operator Las Vegas Sands Corp reported unaudited financial results for the first six months of the year, a net loss of just over $760.4 million.
The Hong Kong-listed company used an official filing (pdf) on Friday to detail that the disappointing six-month figure exceeded the $377.6 million deficit recorded during the same period in 2021, and that the total net profit involved fell 43.5% year-on-year to just over $916.1 million. Operator Venetian Macau Real Estate, behind 3,000 rooms, declared the drop was caused by "tight travel restrictions" after "various outbreaks" of the coronavirus disease in Macau, Shanghai, Hong Kong and mainland China.
Earnings Drop:
Sands China Limited also said it was responsible for the impressive The Plaza Macao, The Parisian Macao, The Londoner Macao and Sands Macao properties, with total net gaming revenue down 51.9% year-over-year in the first half to about $568 million. The company also noted that this included a 33.3% drop in room receipts, a 24.5% drop in food and beverage intake, and a 20.8% drop in revenue from convention, ferry and retail activities.
Read Sands China Limited's files…
"As a result of the increase in positive coronavirus cases in neighbouring regions and Macau in the six months to June 30, 2022, net profit fell primarily across all business categories due to reduced visits due to stricter travel restrictions."
Potential Positive:
However, Sands China Limited also noted an improvement in adjusted first-half earnings before interest, taxes, depreciation and amortization of about $122.1 million, compared with a shortfall of about $232.2 million in the same six months of 2021. The operator reported the progress was the result of lower visits amid tightening coronavirus-related restrictions while "focusing on operational efficiency and cost control measures for gaming and non-gaming businesses."
Sands China Limited's document says…
"The timing and manner in which casinos, restaurants and shopping malls resume operations at full capacity is unknown at this time. As the global and regional impact of the coronavirus pandemic changes over time, it is impossible to predict how governments will react, which could significantly change current operations."
Situation Satisfaction:
Nevertheless, Sands China Limited concluded by determining "industry-leading investment in our team member, community and integrated resort real estate portfolio locations," declaring that the business was placed in a strong position "to deliver future growth as these travel restrictions ease and recovery comes to fruition."
BY: 온라인카지노
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