Las Vegas Sands revenue down more than 50%

Gaming giant reports 1Q20 revenues of $1.78billion less than half of what it recorded during the same period last year.

US.- Las Vegas Sands has reported a revenue decrease of more than 50 per cent in the first quarter, due to the impact of the Coronavirus crisis.

Las Vegas Sands Corp. reported net revenue of $1.78billion for 1Q20, down 51 per cent on the same period last year.

Las Vegas Sands CEO and Chairman, Sheldon Adelson, said: “The impact of the Covid-19 pandemic on our business has been unprecedented, and I have never seen anything like it in my over 70 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.”

Lockdown laws from the Nevada state government have mean that casinos will likely remain closed for the foreseeable future.

On Monday (April 20th), stocks in Las Vegas casinos plummeted as the US stock market battles the financial impact of the pandemic.