Sands Entertainment Sets New Earnings Benchmark in Q2 2021

Sands Entertainment set a new earnings benchmark in the second quarter of 2021, hitting $292.5 million (£210.5 million/€248.2 million).

The company’s record figures also indicate a substantial rise compared to the same period last year, increasing by 285.0%.

Gaming earnings were the primary source of total revenue, climbing from $56.7 million last year to $205 million. Food and drink revenue was $44.9 million, room revenue was $30.2 million, and other sources contributed an extra $12.3 million.

The company’s expenditures also climbed, growing by 68.6% to $232.5 million. Gaming expenses were $106.8 million, while food and drink costs were $29.5 million. General and administrative expenses reached $54.3 million, while depreciation and amortization accounted for $26.7 million.

However, as revenue expanded faster than expenditures, operating income rose, and the company achieved a profit of $60 million, compared to a loss of $62 million in the same period last year. After accounting for $43.8 million in non-operating income and $786,000 in income tax, Sands Entertainment’s quarterly net profit was $103 million.

Adjusted EBITDA was $91 million, compared to $5.5 million in the same period last year.

Nevada was the company’s most profitable area, with the gambling industry generating $149.

A staggering five million dollars was raised by the distributed gaming division, reaching a total of $94.5 million. Maryland’s casinos generated $21.2 million, while its distributed gaming branch contributed an additional $26.9 million.

Blake Sartini, the head honcho and chief executive of Golden Entertainment, stated:

“Our second-quarter operational performance exhibited improvement in comparison to the initial quarter, as we achieved record quarterly revenue, net earnings, and adjusted EBITDA. These outcomes underscore the robust visitation and spending patterns at all of our establishments, including The STRAT, and the persistent enhancement of our profit margins over the preceding twelve months.”

Sign up for the iGaming newsletter.