Sands China updates investors amid pandemic concerns

    0
    16

    Sands China updates investors amid pandemic concerns

    Sands China has provided a financial update to investors, outlining the impact of the ongoing Covid-19 pandemic on its operations in recent months.

    Monthly gross gaming revenue for August 2021 increased by 234% compared to the same period in 2020, but decreased by 82% compared to pre-pandemic levels from the same period in 2019.

    Net revenues totalled $265m and $148m in July and August 2021 respectively, increases of 516% and 179% from the $43m and $53m reported in July and August 2020 respectively.

    The group also reported a net loss of $125m in August 2021, and an adjusted property EBITDA loss of $14m.

    Sands noted that from the end of July 2021 and for most of August 2021, strict border restrictions were implemented in Macao, which impacted visitation to the company’s properties.

    “Demand for the group’s offerings from customers who have been able to visit remains robust, but pandemic-related travel restrictions and the evolving Covid-19 situation in Macao and mainland China continue to limit visitation and hinder the company’s current financial performance,” a statement from Sands China read.

    “The Covid-19 pandemic has materially adversely affected the number of visitors to our facilities and disrupted our operations, and we expect this adverse impact to continue until the Covid-19 pandemic is contained.”

    Shortly after the update, Sands announced that it proposes to conduct an offering of senior notes to professional investors.