The Sands China Limited subordinate of American casino operator Las Vegas Sands Corporation has reportedly announced that its aggregated net income for the three months to the end of June plummeted by over 200% year-on-year to a deficit of $549 million.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm used an official filing to detail that the second-quarter decline was largely caused by the tightened border restrictions put in place to counter the spread of the coronavirus pandemic, which had subsequently led to a significant drop in the number of gamblers visiting its five Macau properties.
Prominent player:
One of the largest casino operators in the former Portuguese enclave, Sands China Limited is responsible for The Venetian Macao, The Plaza Macao, Sands Macao and The Parisian Macao properties and has nearly finished a $2 billion project that is transforming its giant Sands Cotai Central development into the new-look The Londoner Macao. The firm moreover runs the Marina Bay Sands property in Singapore and reportedly revealed that its aggregated second-quarter net revenues had fallen by 98.1% year-on-year to just $40 million.
Property plunge:
The casino firm’s coronavirus-induced second-quarter downturn was most pronounced at The Parisian Macao where net revenues decreased by 105.6% year-on-year to hit a shortfall of $23 million. The company purportedly also detailed a comparable 97.9% tumble in takings at its Sands Cotai Central for the three-month period to only $10 million while The Venetian Macao and Marina Bay Sands chalked up identical 96.7% year-on-year collapses to $28 million and $23 million respectively.
Las Vegas Sands Corporation holds an almost 70% stake in Sands China Limited with this latter firm having furthermore reportedly recorded a collapse of 95.5% year-on-year in second-quarter net revenues for its Sands Macao facility to $7 million alongside an equally dire 91% diminution for its The Plaza Macao to $19 million.
Parental plummet:
The source reported that the second-quarter news was not much better for Las Vegas Sands Corporation as the giant firm used its own Wednesday filing to note a 189% comparable downturn in its own aggregated net income to a deficit of $985 million. This purportedly came as the behemoth’s associated revenues had slumped by some 97.1% to just $98 million even as the it spent $382 million on capital expenditures in Macau.
Imminent improvement:
Despite all of the bad news, Sheldon Adelson, the 86-year-old Chairman and Chief Executive Officer for Las Vegas Sands Corporation, reportedly proclaimed that he remains ‘optimistic about an eventual recovery of travel and tourism spending across our markets’ as well as his firm’s ‘future growth prospects’.
Reportedly read a statement from Adelson…
“I am pleased to say that the early stages of the recovery process from the coronavirus pandemic in each of our markets is now underway. We are fortunate that our financial strength will enable us to continue to execute our previously announced capital expenditure programs in both Macau and Singapore while continuing to pursue growth opportunities in new markets.”