{"id":270,"date":"2024-06-28T03:44:08","date_gmt":"2024-06-28T00:44:08","guid":{"rendered":"https:\/\/yabbynodepositbonus.icu\/2024\/06\/28\/las-vegas-sands-reports-1-billion-loss-in-second-quarter\/"},"modified":"2024-06-28T03:44:08","modified_gmt":"2024-06-28T00:44:08","slug":"las-vegas-sands-reports-1-billion-loss-in-second-quarter","status":"publish","type":"post","link":"https:\/\/yabbynodepositbonus.icu\/2024\/06\/28\/las-vegas-sands-reports-1-billion-loss-in-second-quarter\/","title":{"rendered":"Las Vegas Sands Reports $1 Billion Loss in Second Quarter"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/mmHUq-PxBm8\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Las Vegas Sands corporation reported a net deficit of $1.04 billion (\u00a3876.3 million\/\u20ac1.02 billion) in the second trimester, a decline from the same timeframe last year, as the persistent COVID-19 pandemic continued to affect its overall performance.<\/p>\n<p>The company&#8217;s Singapore operations, however, performed admirably, with revenue at Marina Bay Sands increasing twofold year-over-year.<\/p>\n<p>This is the first financial report since Las Vegas Sands divested its US operations for $6.25 billion.<\/p>\n<p>Robert Goldstein, the chief executive officer of Las Vegas Sands, stated that the Singapore performance was a positive factor contributing to the company&#8217;s overall recovery.<\/p>\n<p>&#8220;Although COVID-related limitations continued to influence our financial performance this quarter, we are pleased to observe the recovery in Singapore gaining momentum this quarter, with Marina Bay Sands&#8217; adjusted property earnings before interest, taxes, depreciation, and amortization reaching $319 million,&#8221; Goldstein stated.<\/p>\n<p>&#8220;We are confident in the rebound of travel and tourism expenditures in our markets. Demand for our products remains robust among those who are able to visit, while COVID-related travel restrictions continue to restrict visitation, hindering our present financial performance.&#8221; <\/p>\n<p>The firms Macau ventures, which encompass the Londoner, Venetian, Parisian, and Sands Cotai Central, produced a total income of $374 million, a reduction of 56.2% compared to the same period last year.<\/p>\n<p>All operators experienced a decrease in income this quarter. The majority of the income originated from the Venetian Macau, totaling $150 million, a decline of 61.6% from the second quarter of 2021. The Londoner Macau, the Plaza Macau, and the Four Seasons Macau generated $79 million, $58.2%, and 36.8% decrease respectively.<\/p>\n<p>The Parisian Macau, Sands Cotai Central, ferry operations, and other income accounted for the remaining $66 million of Macau income.<\/p>\n<p>At present, all gambling establishments in Macau are closed as the region continues to struggle with the COVID-19 pandemic.<\/p>\n<p>They are scheduled to resume operations on July 23.<\/p>\n<p>In contrast, Marina Bay Sands generated $679 million in income, more than double that of the second quarter of 2021.<\/p>\n<p>This was primarily driven by the property&#8217;s gambling income, which increased by 124.2% year-on-year. Food and beverage income also doubled to $48 million, while meeting, retail, and other income more than doubled to $20 million.<\/p>\n<p>The remaining income included $28 million in intercompany royalties and a $36 million loss from intersegment eliminations.<\/p>\n<p>Total capital expenditure for all three properties amounted to $198 million. This included construction, development, and upkeep. Marina Bay Sands had a capital expenditure of $97 million, Macau had $67 million, and corporate and other areas had $34 million. <\/p>\n<p>Macaus operations reported a $110 million loss in earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second quarter. In contrast, Marina Bay Sands generated $319 million in the same period.<\/p>\n<p>Total income declined by 10.9% from the second quarter of 2021. Income was primarily driven by gaming income, totaling $709 million, down 14.1% year-over-year.  Mall income came in second, remaining unchanged year-over-year at $148 million. Room income decreased to $97 million from $115 million last year, while food and beverage income rose by $13 million to $63 million.  Convention, retail, and other income grew 64.7% to $28 million.<\/p>\n<p>Operational expenditures resulted in a $147 million loss.<\/p>\n<p>Total expenditures for the quarter amounted to $1.19 billion, down 9.1%. Resort operations were the highest expense area, accounting for $842 million of total costs, although down 9.6% year-over-year. Depreciation and amortization costs were $256 million, while corporate, pre-opening, development expenses, and leasehold amortization made up the remaining costs.<\/p>\n<p>After $14 million in interest income, $162 million in interest expense, and $9 million in other expenses, the loss from continuing operations was $304 million, an increase of $18 million from the second quarter of 2021.<\/p>\n<p>After considering $110 million in income taxes, the total net loss for the quarter was $414 million, up 47.8% year-over-year.<\/p>\n<p>To date, income is $1.98 billion, down 16% from the first half of 2021.<\/p>\n<p>To date, operational expenditures are $2.43 billion, resulting in a total operating loss of $449 million. <\/p>\n<p>The firms total operational deficit hit $780 million, and after subtracting $112 million in accumulated income taxes, the net loss for the current period was $892 million, a rise of 59.2% compared to the same period last year.<\/p>\n<p>Last week, Las Vegas Sands provided a $1 billion credit to its subsidiary Sands China, which is due on July 11, 2028.<\/p>\n<p>Las Vegas Sands stated the loan was to back &#8220;the group&#8217;s operational funds and general corporate purposes.&#8221;<\/p>\n<p>Sign up for the iGaming news newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Las Vegas Sands corporation reported a net deficit of $1.04 billion (\u00a3876.3 million\/\u20ac1.02 billion)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Las Vegas Sands Reports $1 Billion Loss, Singapore Operations Shine<\/title>\n<meta name=\"description\" content=\"Las Vegas Sands faces a $1 billion deficit in Q2, but its Singapore operations thrive, doubling revenue year-over-year. 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