Las Vegas Sands is well positioned to invest in future expansion opportunities, as the company remains focused on all its operational markets in the early stages of recovery.
The Nevada based casino resort developer and operator, set to begin capital investment programmes in both Macau and Singapore, reaffirms that its top priority remains the safety and protection of team members and visitors, as well as support to local community.
Commenting on the company’s latest financial report, reporting the quarter ended June 30, 2020, Q2’s net sales of $98 m was down from $3.3bn year-on-year by 97.1 percent.
Operating loss during the period was $922 million , compared with revenue of $894 million in the previous year, net loss was $985 million , compared with net sales of $1.11 billion in 2019 and combined adjusted property EBITDA was $547 million, down from $1.27 billion a year earlier.
LVS ‘revenue has fallen from $6.98bn to $1.88bn for the year-to-date, with net loss nudging past the $1bn mark as compared to a $1.85bn yoy income.
“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,” said Sheldon Adelson, chairman and chief executive officer of LVS.
“Our greatest priority during this period of the recovery 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 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 enable 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.”