Sands China ends Q1 with US$213 mln in net losses as results continue in recovery path

Sands China ended the first quarter of this year with US$213 million (MOP1.7 billion) in net losses, a small improvement from the previous three months as revenue continued to increase, the gaming operator’s latest financial report reveals.

The enchancement comes on the back of a 7 per cent quarter-to-quarter rise in total net revenue to about US$771 million, with Sands’ adjusted property EBITDA also improving from US$47 million last quarter to US$100 million.

‘We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in Macau and Singapore, continue to limit visitation and hinder our current financial performance.,’ the concessionaire’s CEO, Robert Goldstein, stated in the report.

The group held someUS$291 million in capital expenditures during the first quarter including construction costs as it continued the phased opening and development of its Londoner project.

Accoridng to analysts from Sandford C. Bernstein, Sands gained market share in the local gaming market going from 21.3 per cent by the end of 2020 to 23 per cent by March of this year, mainly thanks to a recovery in the premium mass segment.

‘There has been an acceleration of leisure customers, which supports recovery in base mass GGR and continued retail and non-gaming improvement,’ the brokerage sate din a note analysing Sands’ results.