For the near term, Las Vegas Sands is a single casino company.

Sands sold its Las Vegas holdings in February and its Macau casinos are operating at roughly 50 percent following a two-week shutdown tied to increased COVID-19 infections. The company relies on the Marina Bay Sands in Singapore for the majority of its revenue and cash flow.

Last week, Las Vegas Sands said the second quarter results from Marina Bay Sands in Singapore included $319 million in cash flow while revenue jumped 107.6 percent to $679 million. However, the company took a net loss of $414 million because Macau revenues were down 56.7 percent to $367 million.

“Investor appetite for Macau names remains zilch, which we believe creates an interesting setup,” Stifel Financial gaming analyst Stephen Wieczynski told investors in a research note following Las Vegas Sands’ quarterly earnings announcement.

“Nobody has any clue how much longer China will continue down this path in search of zero COVID cases,” Wieczynski said. “This could drag on for another year for all we know.”

Singapore, however, relaxed much of its COVID-19 restrictions in the spring, which sped up activity at Marina Bay Sands, one of two casino-resorts in the island nation.