JUE 3 DE DICIEMBRE DE 2020 - 17:46hs.
Pandemic

Las Vegas Sands loses US$1bn in first half due to COVID-19 crisis

International casino operator Las Vegas Sands, with venues in Nevada, US, Macau and Singapore, saw revenue fall 73.1% year-on-year for the six months ended 30 June, 2020 after second quarter revenue collapsed to almost zero due to the coronavirus pandemic. Despite the international crisis, the group informed it will continue its capital expenditure programmes on schedule.

The Las Vegas Sands group as a whole posted net revenues coming in at US$98 million during the second quarter, which represented 97.1% year-on-year decline. Group-wide net losses for Q2 were US$985 million.

Chairman and CEO Sheldon Adelson, commenting on the second quarter results for the company, said that the group remained optimistic about the return to normality. He said that the major projects under way in Macau and Singapore would continue. Sands is spending US$337m in Macau, US$30m in Las Vegas and US$15m at the Marina Bay Sands in Singapore.

“I am pleased to say that the early stages of the recovery process from the COVID-19 pandemic in each of our markets is now underway… We remain optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our future growth prospects,” said Adelson.

“We are fortunate that our financial strength will enable us to continue to execute our previously announced capital expenditure programs in both Macau and Singapore, while continuing to pursue growth opportunities in new markets,” concluded LVS Chairman and CEO.

Source: GMB