Net revenue at Las Vegas Sands casino and resort in Macau reached a mere US$40 million between April and June.
Macau.- One of the largest resort and casino operators in Macau has posted sorry financial results for its second quarter.
According to parent company, Las Vegas Sands, total net revenues in the quarter decreased 98.1 per cent compared to the same period in 2019.
Net revenue totalled US$40 million, while income fell from US$511 million in 2Q19 to a loss of $549 million.
The firm said it will not discontinue capital expenditure programmes in Macau or Singapore.
Sheldon G. Adelson, chairman and chief executive officer said in a note to investors that recovery from the Covid-19 pandemic in each market “is now underway”.
He added: “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.”
Expenditures during the second quarter of 2020 totalled US$382 million, with involved construction, development and maintenance activities in Macau costing US$337 million and costs of US$15 million at Marina Bay Sands in Singapore.
Analysts from Bloomberg and Morgan Stanley expect Macau casinos to report total combined loses of about US$1 billion in Q2, due to Covid-19 travel restrictions and social distancing measures. That would make it the worst quarter in history.