Las Vegas Sands still confident in gambling recovery after pandemic
The global leader in the hospitality and gambling entertainment industry, Las Vegas Sands, has reiterated its enthusiasm for the prospect of a gambling industry recovery from the global coronavirus pandemic. That said, the company reports that travel bans related to restrictions in various countries continue to affect financial results.
For example, the operator posted net revenue of $1.17 billion in the second quarter, up significantly from the $62 million recorded in the same period last year. At the same time, the operating loss reached $139 million, compared to $757 million during the same period in 2020. As for losses in the second quarter of this year, they were $280 million. This figure is significantly lower than last year’s $841 million.
“We remain enthusiastic about the opportunity to welcome more guests to our properties, as many will still end up going to Macau and Singapore,” said Robert Goldstein, chairman and CEO.
The functionary added: “We will also support people who can’t do without us. Demand for the brand’s offerings from customers who have been able to get our services remains high. But pandemic travel restrictions in both Macau and Singapore continue to reduce attendance and worsen current statistics.”
According to Goldstein, Las Vegas Sands’ comprehensive resort offerings and financial strength support the company’s investment programs and capital investments in new markets.
Note that in March 2021 Las Vegas Sands entered into an agreement to sell its Las Vegas properties for an aggregate price of $6.25 billion. The deal is expected to close in the fourth quarter.
Recall that the online gambling market will grow by $8 billion in 2021.