Heavy losses have been recorded by Sands China as its total net revenues plunged 44.2% in 2022 to USD1.61 billion (HKD12.51 billion), compared to USD2.87 billion for 2021.
In its annual results announcement, the group posted a loss of USD1.58 billion last year, compared to a loss of USD1.05 billion in 2021.
Amid the business downturn heavily affected by border restrictions and a series of outbreaks in the city and neighboring regions, the company said it remains deeply confident in the future of Macau and considers Macau an ideal market for additional capital investment.
Back in July, the Macau government ordered casinos and all non-essential businesses to close from July 11 to July 18, in an attempt to control the outbreak in Macau, which was extended through July 22. On July 20, the Macau government announced a consolidation period, which started on July 23 and ended a week after, whereby certain business activities were allowed to resume limited operations.
However, casino operations resumed, but with a maximum capacity of 50% of casino staff working at any point.
“Throughout the recovery process, we will remain deeply committed to our mission of enhancing the tourism appeal of Macau, creating local employment opportunities, investing in our people and Macau and providing growth opportunities for local businesses while protecting our environment,” said Rob Goldstein, chairman and CEO of Las Vegas Sands.
According to the official, Sands China business strategy remains straightforward: “continue the execution of our Cotai Strip development initiatives by leveraging our convention-based integrated resort business model and world-class amenities to contribute to Macau’s diversification.”
