Sands China results continue improvement in Q2

Gaming operator Sands China saw its total net revenues for the second quarter of this year increase by 10 per cent quarter-to-quarter to US$849 million, with net losses also reduced to US$166 million, the latest financial report by Las Vegas Sands reveals.

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

Sands China adjusted property EBITDA also improved by 32 per cent sequentially to US$132 million for the second quarter of 2021.

The Venetian Macao reported some US$307 million in gaming revenues between April and June, a 15 per cent rise quarter-to-quarter, with US$108 million in adjusted property EBITDA, while the newlly opened The Londoner reported a 46 per cent rise in gaming revenues, but some US$5 million in adjusted property losses.

The Parisian Macao reported a small 17 per cent sequential rise in casino revenue to some US$69 million, with the property results breaking even.

Sands weighted average borrowing cost in the second quarter of 2021 was 4.4 per cent, compared to 3.6 per cent during the second quarter of 2020, while its weighted average debt balance increased due to the issuance of US$1.50 billion of senior notes in June 2020 and borrowings of US$505 million under the credit facility this year.

The group’s capital expenditures during the second quarter also totalled US$157 million, primarily including construction, development and maintenance activities, as the concessionaire continues its phased re-development of The Londoner property.