USA – It has been announced today that US casino resort owner Las Vegas Sands has suspended its dividend programme due to the ongoing floral crisis surrounding Covid-19.
In a statement from the chief executive officer Sheldon Adelson, the organisation was clear in its vision for the future and that ‘a strong balance sheet is also a vital and necessary component’ alongside dividends for shareholders.
Sheldon Adelson commented:
“As the largest shareholder of this company, my interests are very directly aligned with the interest of all shareholders. As I look forward to the day, soon let us hope, when this terrible virus is no longer of concern, I see many strategic opportunities for our company precisely because of our financial strength. It is because of this optimism that we are suspending the dividend.”
The firm, who’s resorts feature accommodations, gaming and entertainment, convention and exhibition facilities, restaurants and clubs, said that it will return to the topic of dividends ‘at the earliest reasonable opportunity’.
“The impact of the Covid-19 pandemic on our business has been unprecedented, and I have never seen anything like it in my over seventy years in business. We remain extremely optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our future growth prospects.”
In January, Las Vegas Sands paid quarterly dividends of $0.79 per share and $3.08 per share last year.
Las Vegas Sands Corporation has several resorts in the United States and Asia, including; The Venetian and The Palazzo, Marina Bay Sands and Sands Macao, Sands Cotai Central, The Venetian Macao, The Plaza Macao, Four Seasons Hotel Macao, and The Parisian Macao through its majority-owned subsidiary Sands China.