Impact Of Covid-19 On Las Vegas Sands Unprecedented As First Quarter 2020 Results Reported

Impact Of Covid-19 On Las Vegas Sands Unprecedented As First Quarter 2020 Results Reported

USA – American casino and resort situated in Paradise, Nevada; Las Vegas Sands, has today said that the impact of Covid-19 on its business has been unprecedented as it releases its first quarter 2020 results, whereby the greatest priorities remain the safety of team members and guests, whilst supporting local communities in the regions it operates; Macao, Singapore and Las Vegas.

Chairman and CEO Sheldon G. 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 seventy 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.”

86 year old Adelson and 24th-richest person in the world continued to expand on details of the corporation:

“Despite these circumstances, our balance sheet strength will enable us to emerge from this pandemic with all our promising future growth opportunities fully intact. We remain extremely 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 allow 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.”

First Quarter 2020 Highlights

  • Net revenue was $1.78 billion, a decrease of 51.1% from the prior year quarter.
  • Operating income decreased 94.3% to $55 million.
  • Net loss in the first quarter of 2020 was $51 million compared to net income of $744 million in the first quarter of 2019.
  • Consolidated adjusted property EBITDA was $437 million, a decrease of 69.9% from the prior year quarter.
  • Las Vegas Sands paid a quarterly dividend of $0.79 per common share on March 26, 2020.
  • The company has suspended its quarterly dividend program due to the impact of the novel coronavirus pandemic.
  • Capital expenditures during the first quarter totalled $320 million, including construction, development and maintenance activities of $241 million in Macao, $33 million in Las Vegas and $46 million at Marina Bay Sands.

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