in ,

Las Vegas Sands reports Q2 2021 results

las-vegas-sands-reports-q2-2021-results

O

n a per-share basis, the Las Vegas-based company said it had a loss of 25 cents. Losses, adjusted to account for discontinued operations, were 26 cents per share. The casino operator posted revenue of $1.17 billion in the period, compared to $62 million in the prior year quarter, which also fell short of Street forecasts. 

Operating loss was $139 million, compared to $757 million in the prior year quarter. Net loss from continuing operations in the second quarter of 2021 was $280 million, compared to $841 million in the second quarter of 2020. Consolidated adjusted property EBITDA was $244 million, compared to $(425) million in the prior year quarter.

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25 billion and anticipates the transaction to close in the fourth quarter of 2021. The financial position, results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation held for sale.

“We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore,” said Robert G. Goldstein, chairman and chief executive officer. “We also 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 COVID-19 pandemic.”

“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 Macao and Singapore continue to limit visitation and hinder our current financial performance.”

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL increased to $849 million, compared to $40 million in the second quarter of 2020. Net loss for SCL was $166 million, compared to $549 million in the second quarter of 2020.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $158 million for the second quarter of 2021, compared to $114 million in the prior year quarter. The weighted average borrowing cost in the second quarter of 2021 was 4.4%, compared to 3.6% during the second quarter of 2020, while our weighted average debt balance increased compared to the prior year quarter due to the issuance of $1.50 billion of senior notes by SCL in June 2020 and borrowings of $505 million under the SCL Credit Facility in the first quarter of 2021.

The income tax benefit for the second quarter of 2021 was $6 million, compared to an income tax benefit of $31 million in the prior year quarter. The income tax benefit for the second quarter of 2021 was primarily driven by a 21% statutory rate on our U.S. operations and a 17% statutory rate on our Singapore operations.

Capital Expenditures

Capital expenditures during the second quarter totaled $157 million, primarily including construction, development and maintenance activities of $129 million in Macao and $27 million at Marina Bay Sands.

What do you think?

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0
imperial-palace-saipan-casino’s-assets-to-be-seized-by-us-marshals

Imperial Palace Saipan casino’s assets to be seized by US Marshals

igt-to-offer-cashless-gaming-at-all-three-agua-caliente-casinos-in-california

IGT to offer cashless gaming at all three Agua Caliente casinos in California