SIGNS OF RECOVERY AS LAS VEGAS SANDS SEES Q3 REVENUE FALL 82%
New York-listed casino operator Las Vegas Sands has reported an 82 per cent fall in net revenue to $586m for the third quarter of 2020, as the company begins to recover from government mandated casino closures due to COVID-19.
Revenue from Macao operations were down 92 per cent year-on-year at $171m, while revenue from Marina Bay in Singapore fell by 65 per cent to $281m.
Las Vegas properties contributed $152m in revenue during the quarter, a decline of 63 per cent versus the same period last year.
“I am pleased to say the recovery process from the Covid-19 pandemic continues to progress in each of our markets,” said Las Vegas Sands chairman and CEO Sheldon Adelson. “Our greatest priority as the recovery continues remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore and Las Vegas.
“We remain optimistic about the eventual complete recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength supports our previously announced capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”
The operator generated higher revenue from casino during Q3, although revenue was still down 85 per cent year-on-year at $340m as a result of closures relating to the pandemic. Rooms contributed a further $76m in revenue, with food and beverage contributing $54m. Revenue from malls amounted to $83m, while revenue from convention, retail and other contributed $33m.
Las Vegas Sands reduced total operating expenses by 49 per cent to $1,196m in Q3, with resort operations expenses down 60 per cent at $791m.
As a result, the company posted an operating loss of $610m for the quarter, compared to operating income of $899m a year ago. After interest expenses of $137m, net loss amounted to $731m for the period, of which $565m was attributable to Las Vegas Sands.
For the first nine months of 2020, total revenue declined by 76 per cent to $2.47bn, with net loss attributable to Las Vegas Sands amounting to $1.39bn.
Shares in Las Vegas Sands Corp (NSQ:LVS) closed down marginally by 0.56 per cent at $45.94 per share in New York Wednesday.
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