{"id":252,"date":"2024-06-26T18:29:29","date_gmt":"2024-06-26T15:29:29","guid":{"rendered":"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/26\/las-vegas-sands-reports-larger-net-deficit-in-second-quarter\/"},"modified":"2024-06-26T18:29:29","modified_gmt":"2024-06-26T15:29:29","slug":"las-vegas-sands-reports-larger-net-deficit-in-second-quarter","status":"publish","type":"post","link":"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/26\/las-vegas-sands-reports-larger-net-deficit-in-second-quarter\/","title":{"rendered":"Las Vegas Sands Reports Larger Net Deficit in Second Quarter"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/OYGKqsrPjGY\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Las Vegas Sands reported a larger net deficit in the second quarter, with income in Singapore increasing twofold.<\/p>\n<p>The company&#8217;s second-quarter financial report showed a net loss of $1.04 billion (\u00a3876.3 million\/\u20ac1.02 billion), down from the same period last year, as the COVID-19 pandemic continues to affect its performance.<\/p>\n<p>The company&#8217;s operations in Singapore, however, saw positive outcomes, with revenue at Marina Bay Sands doubling year-over-year.<\/p>\n<p>This is the first financial report since Las Vegas Sands finalized the sale of its US operations for $6.25 billion.<\/p>\n<p>Robert Goldstein, CEO of Las Vegas Sands, stated that the performance in Singapore was beneficial for the company&#8217;s general recovery.<\/p>\n<p>&#8220;Although COVID-related restrictions continued to affect our financial performance this quarter, we were happy to see the recovery in Singapore speed up this quarter, with Marina Bay Sands achieving adjusted property EBITDA of $319 million,&#8221; Goldstein stated.<\/p>\n<p>&#8220;We are confident in the recovery of travel and tourism spending in all of our markets. Demand for our products remains strong from those who can visit, while COVID-related travel restrictions continue to limit visitor volume, hindering our current financial performance.&#8221; <\/p>\n<p>The firms Macau ventures, encompassing the Londoner, Venetian, Parisian, and Sands Cotai Central, produced a total income of $374 million, a decrease of 56.2% compared to the same period last year.<\/p>\n<p>All operators experienced a reduction in income this quarter. The majority of the income originated from The Venetian Macao, reaching $150 million, a decline of 61.6% from the second quarter of 2021. The Londoner Macao, The Plaza Macao, and Four Seasons Macao generated $79 million, $58.2%, and 36.8% less, respectively.<\/p>\n<p>The Parisian Macao, Sands Cotai Central, ferry operations, and other income accounted for the remaining $66 million of Macau income.<\/p>\n<p>Currently, all gambling establishments in Macau are closed as the region continues to contend with the COVID-19 pandemic.<\/p>\n<p>They will resume operations on July 23rd.<\/p>\n<p>In contrast, Marina Bay Sands generated $679 million in income, more than twice the second quarter of 2021.<\/p>\n<p>This was primarily driven by the property&#8217;s gambling income, which increased 124.2% year-over-year. Food and beverage income also doubled to $48 million, while meetings, retail, and other income more than doubled to $20 million.<\/p>\n<p>The remaining income included $28 million in intercompany royalties, and $36 million in cross-segment offset losses.<\/p>\n<p>Total capital expenditures for all three properties amounted to $198 million. This includes construction, development, and upkeep. Marina Bay Sands had capital expenditures of $97 million, Macau $67 million, and corporate and other areas $34 million. <\/p>\n<p>Macau operations reported a $110 million EBITDA deficit in the second quarter, while Marina Bay Sands turned a profit of $319 million.<\/p>\n<p>Total income decreased by 10.9% compared to the second quarter of 2021. Revenue was primarily driven by gambling revenue, totaling $709 million, down 14.1% year-on-year.  Mall sales came in second, unchanged year-on-year at $148 million.  Room income decreased to $97 million from $115 million last year, while food and beverage sales increased by $13 million to $63 million.  Convention, retail and other revenue increased 64.7% to $28 million.<\/p>\n<p>Operating costs resulted in a loss of $147 million.<\/p>\n<p>Total expenditures for the quarter amounted to $1.19 billion, down 9.1%.  Resort operations were the most expensive area, accounting for $842 million of the total cost, although down 9.6% year-on-year.  Depreciation and amortization costs were $256 million, while corporate, pre-opening, development expenses and leasehold amortization made up the remaining costs.<\/p>\n<p>After interest income of $14 million, interest expense of $162 million and other expenses of $9 million, the loss from continuing operations was $304 million, an increase of $18 million compared to the second quarter of 2021.<\/p>\n<p>After considering income tax of $110 million, the total net loss for the quarter was $414 million, an increase of 47.8% year-on-year.<\/p>\n<p>Year-to-date, revenue is $1.98 billion, down 16% compared to the first half of 2021.<\/p>\n<p>Year-to-date operating expenses are $2.43 billion, resulting in a total operating loss of $449 million. <\/p>\n<p>The firm experienced a total of $780 million in operational losses during the timeframe, resulting in a net loss of $892 million for the current year. This figure incorporates $112 million in accumulated income taxes, representing a 59.2% surge from the previous year.<\/p>\n<p>Last week, Las Vegas Sands extended a $1 billion loan to its subsidiary, Sands China. The loan is scheduled for repayment on July 11, 2028.<\/p>\n<p>Las Vegas Sands stated that the loan was intended to support &#8220;the group&#8217;s operational funds and general corporate requirements.&#8221;<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Las Vegas Sands reported a larger net deficit in the second quarter, with income in&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Las Vegas Sands Reports Q2 Loss, Singapore Shines<\/title>\n<meta name=\"description\" content=\"Las Vegas Sands sees a wider net deficit in Q2, but Singapore operations thrive with revenue doubling year-over-year.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/26\/las-vegas-sands-reports-larger-net-deficit-in-second-quarter\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Sands Reports Larger Net Deficit in Second Quarter\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Las Vegas Sands sees a wider net deficit in Q2, but Singapore operations thrive with revenue doubling year-over-year.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/26\/las-vegas-sands-reports-larger-net-deficit-in-second-quarter\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Discover a World of Exciting Casino Games | Licensed &amp; Trusted\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T15:29:29+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/26\/las-vegas-sands-reports-larger-net-deficit-in-second-quarter\/\",\"url\":\"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/26\/las-vegas-sands-reports-larger-net-deficit-in-second-quarter\/\",\"name\":\"Las Vegas Sands Reports Q2 Loss, Singapore Shines\",\"isPartOf\":{\"@id\":\"https:\/\/lionsslotsnodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-26T15:29:29+00:00\",\"dateModified\":\"2024-06-26T15:29:29+00:00\",\"author\":{\"@id\":\"https:\/\/lionsslotsnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Las Vegas Sands sees a wider net deficit in Q2, but Singapore operations thrive with revenue doubling year-over-year.\",\"breadcrumb\":{\"@id\":\"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/26\/las-vegas-sands-reports-larger-net-deficit-in-second-quarter\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/26\/las-vegas-sands-reports-larger-net-deficit-in-second-quarter\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/lionsslotsnodepositbonus.icu\/2024\/06\/26\/las-vegas-sands-reports-larger-net-deficit-in-second-quarter\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/lionsslotsnodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Las Vegas Sands Reports Larger Net Deficit in Second Quarter\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/lionsslotsnodepositbonus.icu\/#website\",\"url\":\"https:\/\/lionsslotsnodepositbonus.icu\/\",\"name\":\"Discover a World of Exciting Casino Games | Licensed &amp; Trusted\",\"description\":\"Stay informed and maximize your gambling experience with our regularly updated casino news, in-depth reviews, and expert articles. 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