Sands China reported a loss of HK$5.96 billion (US$760 million) for the first half of 2022, nearly double the HK$2.96 billion (US$381 million) loss for the same period last year.
This was on the back of a 43.5% year-on-year decline in revenue to HK$7.18 billion (US$920 million), although Adjusted EBITDA loss of HK$940 million (US$120 million) was narrowed from the HK$1.82 billion (US$234 million) loss in the same period last year.
In releasing its interim results, Sands China said the decline was “due to the various outbreaks that occurred in Shanghai, Hong Kong, Guangdong and Macao, which resulted in tighter travel restrictions.”
It added, “The timing and manner in which our casinos, restaurants and shopping malls will resume operating at full capacity is currently unknown. We cannot predict the manner in which governments will react as the global and regional impact of the COVID-19 pandemic changes over time, which could significantly alter our current operations.”
However, “our industry-leading investments in our team members, our communities, and our integrated resort property portfolio position us exceedingly well to deliver future growth as these travel restrictions subside and the recovery comes to fruition.”
Release of Sands China’s interim results comes after its parent company Las Vegas Sands recently announced a net loss attributable to the company of US$290 million loss in the three months to 30 June 2022, with rebounding revenues at the company’s Singapore resort, Marina Bay Sands, not enough to make up for its ongoing Macau woes.
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