Las Vegas Sands reported today that travel restrictions and reduced visitation continue to impact the company’s financial results in Macau, while the recovery at the Marina Bay Sands in Singapore resulted in an all-time record in mass-gaming and retail revenue.
Sands released its fourth quarter earnings Wednesday that showed revenue at $1.12 billion, an increase of 10.8% from the fourth quarter in 2021. Operating loss was $166 million, compared to $138 million in the prior-year quarter. Net loss from continuing operations in fourth quarter 2022 was $269 million, compared to $315 million in fourth quarter 2021.
“While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, we remain confident in a robust recovery in travel and tourism spending across our markets and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead,” said Robert G. Goldstein, CEO and chairman.
“In Macau, we were gratified to receive a new gaming concession during the quarter, which will enable us to continue our decades-long commitment to making investments that enhance the business and leisure-tourism appeal of Macau and support its development as a world center of business and leisure tourism. We remain deeply confident in the future of Macau, which we consider an ideal market for additional capital investment.”
Las Vegas Sands reported consolidated adjusted property EBITDA of $222 million, compared to $251 million year over year. Consolidated hold-normalized adjusted property EBITDA was $329 million, compared to $234 million in the prior-year quarter.
Capital expenditures during the fourth quarter totaled $147 million, including construction, development, and maintenance activities of $93 million at Marina Bay Sands, $44 million in Macau, and $10 million in the corporate and other categories.
“We are excited to have the opportunity to introduce our new suite product to more customers as airlift capacity improves and growth in visitation from China and the wider region is enabled by the relaxing of travel restrictions,” Goldstein said. “We are fortunate that our financial strength supports our ongoing investment and capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”
Full-year 2022 operating loss was $792 million, compared to $689 million in 2021. Net income attributable to Las Vegas Sands was $1.83 billion, or $2.40 per diluted share, in 2022 and included a $3.60 billion gain on the sale of the company’s Las Vegas real property and operations. This compared to a net loss of $961 million, or $1.26 per diluted share, in 2021.
