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Sands China First-Half Loss Widened as Covid-19 Hit Operations

By Clarence Leong

 

Sands China Ltd.'s first-half loss roughly doubled from a year earlier, as revenue slumped amid Covid-19 restrictions that greatly curtailed tourist arrivals in Macau.

The company posted net loss of $760 million for the first six months, compared with net loss of $381 million in the year-earlier period, it said in a filing on Friday.

Net revenues for the period was $915 million, down 44% from the first half last year.

Sands China said its operations have been hurt significantly by reduced visitation to Macau. It added that "there is uncertainty whether the impact of the Covid-19 pandemic on operations will continue in future periods."

The casino operator said it has sufficient liquidity in place, in addition to a $1.0 billion term loan advanced from parent Las Vegas Sands Corp. in July.

"We believe we are able to support continuing operations, complete the major construction projects that are underway, proceed with the Macao concession renewal process and respond to the current Covid-19 pandemic challenges for at least twelve months from the end of the reporting period," Sands China said.

 

Write to Clarence Leong at clarence.leong@wsj.com

 

(END) Dow Jones Newswires

August 12, 2022 06:42 ET (10:42 GMT)

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