Industry Update
Press Release22 July 2021

Las Vegas Sands Reports Second Quarter 2021 Results

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Las Vegas Sands Corp.

Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended June 30, 2021.

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"We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer. "We also 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 COVID-19 pandemic."

"We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance."

"Our industry-leading investments in our team members, our communities, and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."

Net revenue was $1.17 billion, compared to $62 million in the prior year quarter. Operating loss was $139 million, compared to $757 million in the prior year quarter. Net loss from continuing operations in the second quarter of 2021 was $280 million, compared to $841 million in the second quarter of 2020. Consolidated adjusted property EBITDA was $244 million, compared to $(425) million in the prior year quarter.

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25 billion and anticipates the transaction to close in the fourth quarter of 2021. The financial position, results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation held for sale.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL increased to $849 million, compared to $40 million in the second quarter of 2020. Net loss for SCL was $166 million, compared to $549 million in the second quarter of 2020.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $158 million for the second quarter of 2021, compared to $114 million in the prior year quarter. Our weighted average borrowing cost in the second quarter of 2021 was 4.4%, compared to 3.6% during the second quarter of 2020, while our weighted average debt balance increased compared to the prior year quarter due to the issuance of $1.50 billion of senior notes by SCL in June 2020 and borrowings of $505 million under the SCL Credit Facility in the first quarter of 2021.

Our income tax benefit for the second quarter of 2021 was $6 million, compared to an income tax benefit of $31 million in the prior year quarter. The income tax benefit for the second quarter of 2021 was primarily driven by a 21% statutory rate on our U.S. operations and a 17% statutory rate on our Singapore operations.

Balance Sheet Items

Unrestricted cash balances as of June 30, 2021 were $2.06 billion.

The company has access to $3.94 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of June 30, 2021, total debt outstanding, excluding finance leases, was $14.42 billion.

Capital Expenditures

Capital expenditures during the second quarter totaled $157 million, primarily including construction, development and maintenance activities of $129 million in Macao and $27 million at Marina Bay Sands.

About Las Vegas Sands Corp. (NYSE: LVS)

Las Vegas Sands is the world's pre-eminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.

LVS created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.

Our properties include The Venetian Resort and Sands Expo in Las Vegas and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, Sands Cotai Central and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

LVS is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for 50,000 team members worldwide and drive social impact through the Sands Cares charitable giving.

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