Macau pandemic closures blamed for poor Q2 performance
The latest figures represent a significant increase on the $192 million (€188.7 million) loss reported in the same period in 2021 with the poor performance attributed primarily to the ongoing pandemic situation in Macau.
This is expected to continue as last week the Macau health authorities made the decision to close all gambling facilities following a rise in local covid cases. This closure was then extended for a further five days earlier this week.
Las Vegas Sands Reports Losses of $290 Million in Q2 2022 Las Vegas Sands Reports Losses of $290 Million in Q2 2022Marina Bay Sands reported mass gaming win that hit 91% of 2019 levels, including non-rolling table win at 80% and slot win at 110%. Rolling volume of US$5.4 billion (€5.3 billion) was also 75% of 2019 levels, while hotel occupancy reached 93.9%.
Speaking in an investor call, LVS Chairman and CEO, Robert Goldstein said:
Las Vegas Sands Reports Losses of $290 Million in Q2 2022 Las Vegas Sands Reports Losses of $290 Million in Q2 2022We remain confident in the recovery of travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, while pandemic-related travel restrictions continue to limit visitation and hinder our current financial performance.
Our industry-leading investments in our team members, our communities, and our Integrated Resort property portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”
