Las Vegas Sands Corp (NYSE: LVS) stock fell over 3% on 22nd April, 2021 (as of 10:19:04 UTC-4 · USD; Source: Google finance) after the company posted mixed results for the first quarter of FY 21.
The company has reported operating loss of $96 million, compared to operating income of $6 million in the prior year quarter. The company delivered the net loss from continuing operations in the first quarter of 2021 of $280 million, compared to $92 million in the first quarter of 2020. Consolidated adjusted property EBITDA has decreased to $244 million, compared to $349 million in the prior year quarter.
Meanwhile, in March 2021, the company had entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25 billion and expects the transaction to close in the fourth quarter of 2021.
For The Venetian Macao, during the first quarter, the net revenues of the business declined by 7.9% year over year to $340 million. Casino and mall revenues amounted to $266 million and $46 million, which are up 6% and 58.6%, respectively. Food and beverage revenues grew 20% year over year to $6 million. Convention, Retail and Other and rooms revenues declined 66.7% and 9.5%, year over year to $3 million and $19 million, respectively. During the first quarter, the segment’s hotel RevPAR fell 20.4% year over year to $74 million, while occupancy rates came in at 47.2% compared with 39.2% in the prior-year quarter.
Moreover, for the Londoner Macao, during the first quarter, net revenues fell 19.4% year over year to $137 million due to declines of 26%, 29.6% and 12.5% in casino, rooms and food and beverage revenues, respectively. However, mall as well as convention, retail and other revenues rose 55.6% and 100% year over year, respectively. For the Parisian Macao, during the first quarter, revenues amounted to $87 million, down 38.3% year over year. The downside was driven by a slump of 48.7% in casino revenues. It was further aggravated by declines of 7.7%, 66.7% and 50% in rooms, mall, convention and other retail revenues, respectively.