US – Sands will lose $689 million in 2021.

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Las Vegas Sands Corp. halved its deficit last year, recording a loss of US$689 million in 2021, compared to a loss of $1.39 billion in 2020, with fourth-quarter revenues down 0.7 percent from the previous quarter.

“We remain confident in the eventual recovery in travel and tourism spending across our markets and enthusiastic about the opportunity to welcome more guests back to our properties in 2022 and the years ahead,” said Robert G. Goldstein, Chairman and Chief Executive Officer. “While pandemic-related travel restrictions continue to impact our current financial performance, we again generated positive EBITDA in each of our markets. We remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the pandemic.”

“Our ongoing investments in our team members, our communities and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as travel restrictions eventually subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

Net revenue was $1.01 billion, down 0.7 percent from the previous quarter. The operating deficit was $138 million, compared to $119 million in the previous quarter. In the fourth quarter of 2021, the company lost $315 million, compared to $303 million in the fourth quarter of 2020.

Adjusted property EBITDA for the quarter was $251 million, up from $191 million the previous quarter. The operational deficit for the full year of 2021 was $689 million, compared to $1.39 billion in 2020. In 2021, Las Vegas Sands’ net loss was $961 million, or $1.26 per diluted share, compared to a net loss of $1.69 billion, or $2.21 per diluted share, in 2020.

LVS went into official agreements to sell its Las Vegas real estate and operations for an estimated $6.25 billion in March 2021, with the transaction expected to close in the first quarter of 2022. The Las Vegas Operating Properties’ financial status, results of operations, and cash flows have been presented as a discontinued operation for sale.

Total net revenues for SCL fell 4.3 percent to $643 million in the fourth quarter of 2020, according to GAAP. SCL’s net loss was $245 million, down from $246 million in the fourth quarter of 2020. SCL’s total net revenues for the full year 2021 climbed 70.4 percent to $2.87 billion on a GAAP basis, compared to the full year 2020. SCL’s net loss in 2021 was $1.05 billion, compared to $1.52 billion in 2020.

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