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Sands China reports US$549 million loss in 2Q20

Macau gaming concessionaire Sands China Ltd (SCL) fell to a loss of US$549 million for the three months to 30 June 2020, down from a net income of US$511 million in 2Q19 due to the impact of COVID-19.

The quarterly results, released by parent company Las Vegas Sands (LVS) early Thursday morning Macau time, reflect the tight border restrictions in place for the duration of the quarter to limit the spread of COVID-19, with SCL reporting a 98.1% decline in net revenues to just US$40 million.

Those revenues included just US$28 million at The Venetian Macao, down from US$854 million during the same quarter last year, US$10 million at Sands Cotai Central (down from US$483 million) and US$23 million at The Plaza and Four Seasons from US$211 million a year ago. The Parisian Macao reported a net revenue loss of US$19 million compared with net revenues of US$414 million in 2Q19.

Likewise, The Venetian Macao fell to an Adjusted EBITDA loss of US$97 million, Sands Cotai Central a loss of US$79 million and The Parisian Macao a loss of US$81 million. Adjusted EBITDA loss for all Macau operations totaled US$312 million.

In Singapore, Marina Bay Sands recorded an Adjusted EBITDA loss of US$113 million for LVS on a 96.7% fall in net revenues to US$23 million, including just US$7 million in casino revenues.

LVS, which suffered a group-wide loss of US$985 million in 2Q20 on net revenues of just US$98 million, revealed capital expenditure of US$382 million for the quarter of which US$337 million was in Macau, where the company is transforming Sands Cotai Central into The Londoner Macao. CapEx at MBS totaled US$15 million.

“I am pleased to say that the early stages of the recovery process from the COVID-19 pandemic in each of our markets is now underway,” said LVS Chairman and CEO Sheldon Adelson.

“Our greatest priority during this period of the recovery remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macau, Singapore and Las Vegas.

“We remain 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 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.”

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