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LAS VEGAS, April 27, 2022 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended March 31, 2022.
"While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company as a whole. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer. "We also remain steadfast in our commitment to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemic."
"We remain confident in the recovery of 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."
"Our industry-leading investments in our team members, our communities, and our Integrated Resort property portfolio position us exceedingly well to deliver future growth as these travel restrictions subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."
Net revenue was $943 million, compared to $1.20 billion in the prior year quarter. Operating loss was $302 million, compared to $96 million in the prior year quarter. Net loss from continuing operations in the first quarter of 2022 was $478 million, compared to $280 million in the first quarter of 2021.
Consolidated adjusted property EBITDA was $110 million, compared to $244 million in the prior year quarter.
On February 23, 2022, LVS closed the sale of its Las Vegas real property and operations and received approximately $5.05 billion in cash proceeds, before working capital adjustments, transaction costs and income taxes. In addition, the company provided $1.20 billion in seller financing in the form of a six-year secured term loan. The financial position, results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased to $547 million, compared to $771 million in the first quarter of 2021. Net loss for SCL was $336 million, compared to $213 million in the first quarter of 2021.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $156 million for the first quarter of 2022, compared to $154 million in the prior year quarter. Our weighted average borrowing cost in the first quarter of 2022 was 4.2% compared to 4.4% during the first quarter of 2021, while our weighted average debt balance increased compared to the prior year quarter due to borrowings of $251 million and $201 million under the SCL Credit Facility in October 2021 and March 2022, respectively.
Our income tax expense for the first quarter of 2022 was $2 million, compared to income tax expense of $14 million in the prior year quarter. The income tax expense for the first quarter of 2022 was primarily driven by a 17% statutory rate on our Singapore operations.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2022 were $6.43 billion.
The company has access to $3.48 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
As of March 31, 2022, total debt outstanding, excluding finance leases and financed purchases, was $14.95 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled $137 million, including construction, development and maintenance activities of $84 million in Macao, $50 million at Marina Bay Sands and $3 million in Corporate and Other.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, April 27, 2022 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the world's preeminent developer and operator of world-class Integrated Resorts.
Our iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make our host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The Parisian Macao and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Sands is dedicated to being a leader in corporate responsibility, anchored by our core tenets of serving people, planet and communities. Our ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America and recognition as one of Fortune's World's Most Admired Companies. To learn more, visit www.sands.com.
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