Gaming operator Sands China has reported a net loss of $562 million in the third quarter of this year, up from the $549 million loss recorded in the second quarter.
During the third quarter, the gaming operator’s revenue stood at $167 million, according to results published by parent company Las Vegas Sands.
As cited in the financial report on its website, the U.S. casino and hotel operator’s operations in Macau were the biggest contributor to the group’s overall net losses which stood at $731 million in the July to September period.
“Our greatest priority as the recovery continues remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macau, Singapore and Las Vegas. We remain optimistic about the eventual complete recovery of travel and tourism spending across our markets, as well as our future growth prospects,” said Sheldon Adelson, chairman and chief executive officer.
The casinos operated by Sands China reported an adjusted EBITDA loss of $233 million. This includes the $68 million net revenue loss at The Venetian Macao, the $22 million loss at Sands Cotai Central and the $40 million loss in revenue at The Parisian Macao, among others.
As previously reported, the gaming operator has reportedly borrowed $404 million from its revolving credit facility to help cover the nearly $200 million per month it takes to keep the company’s Macau venues running.
According to a note seen by GGRAsia, brokerage Jefferies Group LLC said that the losses posted by the company were “not a surprise,” noting that it was already expected by investment analysts.
“However, management appear relatively positive on the outlook,” noted analyst Andrew Lee.