Las Vegas Sands 2Q Losses Narrow as Revenue Rises
July 21 2021 - 3:44PM
Dow Jones News
By Kimberly Chin
Las Vegas Sands Corp. said losses narrowed in the second quarter
as revenue recovered from less tourism and more restrictive
measures to limit the spread of Covid-19 last year.
The casino operator posted a loss of $192 million, compared with
a loss of $820 million in the year-earlier quarter. Per-share
losses were 25 cents, compared with $1.07 in losses a year ago. On
an adjusted basis, Las Vegas Sands had a loss of 26 cents a share.
Analysts polled by FactSet were expecting an adjusted loss of 16
cents a share.
Total net revenue surged to $1.17 billion from $62 million a
year earlier. Covid-19-related restrictions and lower tourism
dented revenues in the comparable period last year. Analysts were
looking for $1.39 billion in revenue.
"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," said Chief Executive Robert Goldstein in prepared
remarks.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
July 21, 2021 16:30 ET (20:30 GMT)
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