Sands Macao operator and owner of various other properties, including The Venetian Las Vegas and Sands Cotai Central, has today outlined its business operation status and challenges during these unprecedented times of the global Covid-19 pandemic, but has stated that it is able to respond to the pandemic despite operating on a monthly million dollar loss.
As the Coronavirus crisis continues to hurt the gaming industry in Macau, with little recovery sign of resuming business as usual, the firm has released a statement that it has reported a net loss of around 180 million dollars and has an expenses bill of approximately 200 million dollars per month.
To put the crisis in to perspective, the Sands China’s revenue has fallen to around 9 million dollars for the month of April 2020, a decline of approximately 690 million compared with the same period in 2019.
The net loss reported by the firm of 180 million dollars is compared with a net income of almost 150 million, also in the same period.
However, despite the worrying figures at challenging times, Sands China has stated that it has a strong balance sheet and that the company has enough liquidity to operate for at least a period of twelve months under these circumstances.
In addition, the company, which also owns The Palazzo and The Parisian Macao, said that the firm will be able to respond to the challenges of Covid-19 along with continuing its operation and developing the pending construction projects currently in progress.
According to reports, one of the biggest factors currently affecting the gaming industry in Macau is the travel restrictions that are still in place between the special administrative region and mainland China.