Las Vegas Sands Corp. said travel restrictions in Asia continued to impact its financial results during the third quarter, but they continued to be bolstered by the recovery in Singapore.
Net revenue was $1 billion, compared to $857 million in the prior-year quarter. Operating loss was $177 million, compared to $316 million in the prior-year quarter. Net loss from continuing operations in the third quarter of 2022 was $380 million, compared to $594 million in the third quarter of 2021.
Consolidated adjusted property EBITDA was $191 million, compared to $47 million in the prior-year quarter. LVS reported Marina Bay Sands in Singapore reached $343 million in adjusted property EBITDA.
“We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are able to travel to both Singapore and Macau,” said LVS CEO Rob Goldstein. “We remain confident in the recovery of travel and tourism spending across our markets. Demand from customers who have been able to visit remains robust.”
Goldstein said investments in staff and its portfolio place the company in a position to deliver future growth, as travel restrictions subside and tourism continues to recover.
Capital expenditures during the third quarter totaled $169 million, including construction, development, and maintenance activities of $108 million at Marina Bay Sands and $48 million in Macau.
As of September 30, total debt outstanding, excluding finance leases and financed purchases, was $15.27 billion. Unrestricted cash balances as of September 30th were $5.84 billion.
The company has access to $2.95 billion for borrowing under U.S., SCL, and Singapore revolving credit facilities, net of outstanding letters of credit.
