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Las Vegas Sands publishes third quarter financial report
Las Vegas Sands has recently published its financial analysis detailing the third quarter of the year, with the headline figures being a revenue figure of a bit over a billion dollars.
Starting off with the important figures, let’s break down the headline figure. The company earned over 630 million dollars from its main casino operations. The next biggest driver of revenue was the hotel, which is closely followed by the mall. Each earned about 123 million and 120 million dollars respectively.
Up next, the food and beverage division of the business earned over 80 million dollars in the period, with the remaining figure of around 45 million dollars being generated from miscellaneous operations. The final figure comes in at over 15% higher than the one recorded in the same period the year prior, which was recorded at over 850 million dollars.
Despite the large revenue statistics, the company’s expenses are big enough to leave them with a negative balance. The biggest expense reported in the document is resort operations, which cost the firm over 820 million dollars. Up next was depreciation and amortization, which was about 260 million dollars.
The rest of the costs, such as corporate and development fees amounted to a number that’s just shy of a hundred million dollars. All added together, the company spent 1.18 billion dollars in the period on operations, which subtracted from the billion dollars earned, resulting in a net loss of 177 million dollars.
Despite the negative numbers, the business is headed in the right direction, as it lost nearly half of what it lost in the previous year’s third quarter, which was recorded at 316 million dollars.
Because of those losses, the company’s net income per share is also in the red, as that figure was recorded at 31 cents per share. Although that number is still an improvement in comparison to the previous year’s figure of 48 cents lost per share.
One area where Sands saw an increase was in Consolidated Adjusted Property EBITDA. This statistic saw quite a bit of growth in the quarter, as it is now sitting at a bit over 190 million dollars, as opposed to 2021’s figure that was under 50 million. The Hold-Normalized variant of the figure told quite a similar story, as this year’s number is at 176 million while the previous one was recorded at 40.
Out of the corporation’s six properties, the Marina Bay Sands establishment in Singapore was the most profitable, making over three quarters of a billion dollars. Up next was the Venetian Macao, which made 100 million dollars in the period. Their other four casinos in the special administrative region performed pretty poorly in comparison, though the main culprit of that is the temporary lockdowns that occured in the city because of the pandemic.
A few of the last figures to discuss are on their balance sheet. The firm has unrestricted balances of over 5.8 billion dollars in cash. Additionally, they have access to nearly 3 billion dollars in case they need a loan from a number of their revolving credit lines. Their current total amount of outstanding debt is at a bit over 15 and a quarter billion dollars.
Lastly, at the end of the document the business left a statement, mentioning their enthusiastic attitude towards the future, especially as they showed a few small signs of growth in the three month period.
Despite the hardship and turbulent times in terms of our financials continuing, we are delighted with our progress this quarter, especially in Singapore where we recorded an adjusted EBITDA figure of over 340 million dollars. We are still enthusiastic about the future, as demand from visitors who are able to travel is quite strong. Additionally, as restrictions continue to ease we are hoping our statistics will start to heal as the tourism and travel industries pick back up.
read a statement from the chief executive officer and chairman of Las Vegas Sands, Robert Goldstein.