Sands China Generates Losses In The Third Quarter
Macau-based casino operator Sands China Ltd recorded a net loss of US$ 423 million in the third quarter of 2021. They attributed the loss to the COVID-19 restrictions set within China.
Cities like Zhuhai, Macau’s mainland travel gateway, imposed a mandatory quarantine of 14 days for travellers arriving from Macau, which they later lifted on October 19.
In the second quarter of 2021, the casino reported a loss of US$ 166million. The casinos stated that its revenue declined by 28% quarter-on-quarter. However, they say that this is an improvement from the loss of US$562 million from 2020.
According to a publication released on Wednesday by Las Vegas Sands Corp., the company generated a positive(EBITA) of US$ 32 Million in its third quarter of 2021. This reduced from US$ 132 million recorded in the second quarter and US$ 233 million recorded in the third quarter of 2020.
Non-gaming Activities Golden Nugget
According to brokerage JP Morgan, Sands China's aggregate Gross Gaming Revenue fell by 37%. The overall decline in the Macau Market was 26%, with Sands China being weaker. However, the casino experienced a 4% decline in its non-gaming activities as there was a high demand for its high-end offerings.
In Singapore, home to MBS, there was a net loss of US$ 249 Million in its third quarter of 2021. However, the performance was better than the second quarter, where its net loss was US$ 327 Million. MBS recorded a positive EBITA of US$ 15 Million, down from US$ 112 Million in the previous quarter.
Las Vegas Sands group made a loss of US$ 316 million in the third quarter. The loss was up from US$ 139 million in the second quarter of 2021, and net revenue was down from US$ 1.17 Billion to US$ 857 Million.