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Las Vegas Sands enjoys post-pandemic recovery as revenue increases in 2021

| By Nosa Omoigui
Integrated resort developer Las Vegas Sands has recorded revenue figures of $4.23bn (£3.15bn/€3.78bn) for 2021, a 43.9% increase when compared to 2020.
The Venetian Las Vegas

Casino revenue of $2.89bn made up the majority of the total, up 41.7% from 2020. The Venetian Macao was the best performing resort, generating revenue of $1.26bn. The Londoner Macao followed with $588.0m, while The Plaza Macao and Four Seasons Macao contributed $546.0m.

Mall revenue came to $649.0m, room revenue was $415.0m, while food and drink revenue added $199.0m.

Operating expenses totaled $4.92bn, up from $4.33bn in 2020. Resort operations were the largest expense at $3.46bn, followed by depreciation and amortisation of $1.04bn. Corporate costs came to $211.0m, and development expenses were $109.0m.

As a result, operating losses for the year came to $689.0m, down 50.5% from 2020. After accounting for interest expenses of $621.0m, other expenses totaling $168.0m, and a $5.0m income tax benefit, pre-tax losses for the year amounted to $1.47bn.

After $193.0m worth of income tax, overall net losses came to $1.28bn – down from $2.14bn in 2020.

In terms of the fourth quarter of 2021, Las Vegas Sands experienced a slight revenue decrease – falling to $1.01bn from $1.02bn in 2020’s corresponding period.

Casino revenue was down 5.5% to $651.0m, mall revenue was up from $153.0m to $180.0m, and room revenue was up to $104.0m.

Operating losses for the quarter were up 16.0% to $138.0m, while net losses after tax came to $197.0m – down from $376m in the fourth quarter of 2020.

Las Vegas Sands chairman and CEO Robert G Goldstein said: “We remain confident in the eventual recovery in travel and tourism spending across our markets and enthusiastic about the opportunity to welcome more guests back to our properties in 2022 and the years ahead.

“While pandemic-related travel restrictions continue to impact our current financial performance, we again generated positive EBITDA in each of our markets. We 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 pandemic.”

The company’s financial performance during the year was aided by $6.25bn sale of its Las Vegas properties to VICI Properties as it shifted its focus towards the Asian market.

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