Sands China reports $213 million loss for Q1 in 2021

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Sands China Ltd reported $771 million in net revenue for the first quarter, down 5% year over year. The company’s net loss was $213 million, up from $166 million in the first quarter of 2020.

In Q1 2021, adjusted property EBITDA was $100 million, up from $67 million the previous year.

The Venetian Macao reported net revenue of $340 million, up 8% from $315 million in the same period last year; revenue at the Londoner Macao fell 19%.

Meanwhile, revenue at the Parisian Macao fell by 38% to $87 million. The Plaza Macao saw revenue increased by 59% to $170m, against $107m reported in Q1 2020.

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

He assured that the company remains “deeply committed to supporting our team and helping those in need,” he said, “We remain confident in the eventual recovery in travel and tourism spending across our markets.”

Las Vegas Sands reported net revenue of $1.2 billion in the first quarter, down 15.6 percent from the previous year quarter. The operating loss was $96 million, compared to $6 million the last year. In Q1 2021, the net loss from continuing operations was $280 million, compared to $92 million in Q1 2020.

“We are fortunate that our financial strength supports both Macao and Singapore’s investment and capital expenditure programs, as well as our pursuit of growth opportunities in new markets,” Goldstein added.

 

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Nassima Azmzm

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