Sands particularly hit by travel restrictions in Macau, Singapore in Q1

Las Vegas Sands Corp. on Wednesday reported financial results for the first quarter of the year, when it saw net revenue fall 15% to $1.20 billion compared to the same period of 2020.

Operating loss was $96 million, compared to operating income of $6 million in the prior-year quarter. Net loss from continuing operations in the first quarter of 2021 was $280 million, up from $92 million. Consolidated adjusted property EBITDA was $244 million, compared to $349 million in Q1 2020.

"We couldn't be more enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao, Singapore and Las Vegas," said Robert G. Goldstein, Sands' Chairman and CEO. "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 our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in Macao and Singapore, continue to limit visitation and hinder our current financial performance," Goldstein said. "Our industry-leading investments in our team members, our communities, and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."

Last month, Sands entered into definitive agreements to sell its Las Vegas properties in a $6.25 billion deal, and anticipates the transaction to close in the fourth quarter of 2021. During the first quarter, net revenues from Las Vegas operations dropped 61.9% year over year to $139 million due to declines of 48% and 68% in casino as well as food and beverage revenues, respectively. 

As for Sands China, total net revenues decreased 4.6%, compared to the first quarter of 2020, to $771 million. Net loss was $213 million, compared to $166 million in Q1 2020.