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Las Vegas Sands Slips as Pandemic Keeps Visitors Away

Stock MarketsOct 21, 2021 15:26
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© Reuters.

By Dhirendra Tripathi

Investing.com – Las Vegas Sands stock (NYSE:LVS) slipped 2.5% Thursday as business at its properties in Singapore and Macao remained muted and that held the casino operator’s third-quarter numbers behind estimates.

The company said visits to its Macao and Singapore markets “remains well below historical levels due to travel restrictions related to Covid-19”.

According to Las Vegas Sands, traffic was higher when restrictions were eased, thus reflecting continued customer demand but the business is still far anywhere close to the pre-pandemic levels.

In Macao, the company said visits were at around 18% of 2019 levels. Mass gaming revenue reached nearly 31% of 2019 third-quarter-mark, it said.

Similarly, the company’s Marina Bay Sands property in Singapore was shut for two weeks in July to August and movement was restricted. All this hurt its business.

This March, the company entered into an around $6.25-billion deal to sell its Las Vegas real estate and operations to private equity Apollo Global Management (NYSE:APO). The transaction is anticipated to close in the first quarter of 2022, LVS said.

LVS has marked Singapore, Macao and South Korea as principal areas of future development interest.

Third-quarter net revenue fell a little short of doubling to $857 million from $446 million in the prior-year quarter. The operating loss narrowed to $316 million from $523 million.

Las Vegas Sands Slips as Pandemic Keeps Visitors Away
 

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