China CSR News

Asia round-up: Sands China Q4 and FBM launches CSR program in Philippines

Sands China

Sands China Q4 and FBM launches CSR program

In its Q4 2022 results, Sands China reported revenue of $439 million, down 32% from the same period last year.

Las Vegas Sands’ Chinese division also had a rise in net loss, which increased to $348 million from $245 million in Q4 2021.

According to GAAP (Generally Accepted Accounting Principles), Sands China’s full-year net revenues, which were $1.61 billion, were down 44% from Q4 2021.

On the same basis, the net loss for Q4 2022 increased from the prior-year quarter to $1.58 billion.

These losses were anticipated given that Macau was subject to rigorous Covid-19 lockout procedures during Q4 of 2022.

However, since the beginning of 2023, Macau has been recovering, especially during Golden Week, when at the time of the most recent count, daily tourist numbers reached 90,000.

Sands China

Las Vegas Sands Chairman and CEO Robert G. Goldstein commented on Sands China’s Macau operations, saying: “While travel restrictions and decreased visitation continued to have an impact on our financial performance during the quarter, we remain optimistic about a robust recovery in travel and tourism spending across our markets and are incredibly excited about the chance to welcome more visitors back to our properties throughout 2023 and in the years ahead.

“In Macau, we were pleased to secure a new gaming concession during the quarter. This will allow us to keep up our decades-long commitment to making investments that strengthen Macau’s appeal for business and leisure travel and promote its growth as a global hub for business and leisure tourism.

A new programme called “Bayanihan para sa kababayan” has been created by the FBM Foundation to aid Filipino communities who are struggling.

This fresh effort comes after a first project that was started in Quiapo, Manila, in the third week of January 2023.

The new programme will assist locals in recovering from a fire incident that occurred in Quiapo on December 29, 2022. It is scheduled for implementation over six months in 2023—January, March, May, July, October, and December.

“Help comes in all faces and methods, and FBM Foundation truly thinks that the essence of help is not simply through money and tangible items but also by making other people happy,” said Vitor Francisco, director of the FBM Foundation. Giving them inspiration and motivation can be quite beneficial.

Up to 500 households in the area were forced to leave because of the fire, which also destroyed neighbourhood community centres and daycare centres where people could seek refuge in an emergency.

As such, locals have been living in temporary accommodation, or have moved from the region entirely.

The programme will help to distribute essential goods to displaced families, including rice, canned goods, milk and noodles.

It will also put on six activities in each of the six months the campaign is active in 2023, to “uplift the spirits and boost the morale” of Manila locals affected by the fire.