Las Vegas Sands says it continues to make progress in recovery efforts across each of its operating markets as, amid a series of Q3 declines, the casino resort developer and operator again expresses hope for the eventual full recovery of travel and tourism.
The group, which maintains that the safety and protection of team members and visitors and support for local communities in Macau, Singapore and Las Vegas remains its top priority, also reaffirms that a healthy balance sheet positions it to invest in potential growth opportunities.
Net sales finished at $586 million, marking an 82 percent drop from $3.25 billion, as EBITDA swung from $1.28 billion to -$203 million, making the comments in the company’s last quarterly financial report.
The operating loss for the reporting period to September 30, 2020, compared to a profit of $899 million a year earlier, stands at $610 million, with net income falling from $699 million to a loss of $731 million in Q3.
For the first nine months of the year, sales decreased from $10.23 billion in 2019 to $2.46 billion, EBITDA were reported as -$313 million compared to $4 billion, operating loss ended at $1.47 billion compared to a profit of $2.76 billion a year ago, and net income decreased from $2.52 billion to a loss of $1.76 billion.
During the third quarter, capital expenditures totaled $376 million, including $279 million in Macau for construction, production and maintenance activities, $76 million at Marina Bay Sandsand $21 million in Las Vegas.
Sheldon Adelson, chairman and chief executive officer said: “I am pleased to say the recovery process from the COVID-19 pandemic continues to progress in each of our markets.
“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.”