Adelson Confident Las Vegas Sands Will Recover After Pandemic

Sheldon Adelson, Chairman and Chief Executive Officer of Las Vegas Sands, expressed faith in ultimately emerging from the coronavirus crises with “promising further growth opportunities fully intact”

The comments came as the casino operator released a first quarter update that saw a “unprecedented” effect felt across the company, following a number of donations made in the United States in an update.

Reaffirming that the health and protection of team members and visitors remains the top priority for the organisation, Sands also maintains its ongoing commitment across local communities in Macau, Singapore and Las Vegas.

Net revenue for the sector was announced as $1.78 billion, down 51.1 percent year-on-year from $3.62 billion, with the company’s casino division heavily affected by a number of closures, dropping 55.7 percent to $1.17 billion (2019: $2.66 billion).

Net loss in the first quarter of 2020 amounted to $51 m compared with net profit of $744 m in the first quarter of 2019, with combined adjusted property EBITDA coming in at $437 m, down 69.9% from $1.45 billion.

Net income for Sands China fell by 65.1 percent compared to $814 million in the first quarter of 2019, with net losses of $166 million compared to net profits of $557 million in 2019.

Adelson explained: “The impact of the Covid-19 pandemic on our business has been unprecedented, and I have never seen anything like it in my over seventy years in business.

“Our greatest priority during this difficult time 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. Despite these circumstances, our balance sheet strength will enable us to emerge from this pandemic with all our promising future growth opportunities fully intact.

“We remain extremely optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength will allow us to continue to execute our previously announced capital expenditure programs in both Macao and Singapore, while continuing to pursue growth opportunities in new markets.”