Las Vegas Sands “optimistic” despite dramatic fall in revenue

The casino saw a huge impact on finances due to the pandemic.
The casino saw a huge impact on finances due to the pandemic.

Las Vegas Sands says it is optimistic of a recovery after publishing financial results showing a 97% fall in revenue in the second quarter of the year.

US.- Las Vegas Sands Corp has reported financial results for the second quarter of the year showing a dramatic fall in revenue.

Net revenue was US$98 million, a decrease of 97.1 per cent from the same period last year. Operating loss was US$922 million compared to an operating profit of US$894 million last year. Net loss was US$985 million, compared to net income of US$1.11 billion in the second quarter of 2019.

Consolidated adjusted property EBITDA was -$547 million, compared to $1.27 billion in 2019.

However, the company said it was already seeing early signs of recovery in all of its markets and was keeping a strong balance sheet.

Chairman and CEO Sheldon G. Adelson said in a statement: “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.

“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.”

Sands reported it has access to $3.94 billion available for borrowing under its US, SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

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