Las Vegas Sands Reports Positive Ebitda for Marina Bay Sands Amid Travel Recovery
Marina Bay Sands Singapore is set to benefit from the increasing number of visitors, which is expected to drive its recovery. Las Vegas Sands, the owner and operator of the resort, reported positive earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the quarter ending March 31, 2022.
Despite the challenges posed by ongoing pandemic-related travel restrictions, Las Vegas Sands remains optimistic about the resurgence of global travel and tourism. Robert G. Goldstein, Chairman and CEO of Las Vegas Sands, expressed confidence that as travel restrictions ease, the company will see higher guest volumes returning to its properties in Macau and Singapore.
For the first quarter of 2022, Las Vegas Sands saw a 21.2% drop in net revenue, which fell to US$943 million from US$1.2 billion during the same period in 2021. However, the company managed to secure a positive adjusted property Ebitda for the quarter and remained optimistic about future growth.
The company’s capital expenditures for the period totalled US$137 million, including US$50 million spent at Marina Bay Sands, which is being used for ongoing development and maintenance activities. Despite facing a net loss from continuing operations of US$478 million, Las Vegas Sands reported a net income of US$2.53 billion, following a gain of US$2.86 billion from the disposal of discontinued operations.
Looking ahead, the company plans to invest in expanding and enhancing its portfolios in both Macau and Singapore, with a focus on improving capacity and guest experiences.
