Las Vegas Sands suspends dividends, touts strong balance sheet
Las Vegas Sands Corp. announced it is suspending its dividend program due to the impact of COVID-19 but will maintain its capital expenditure programs in Singapore and Macau.
Sheldon Adelson, Sands Chairman and Chief Executive Officer, 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 assisting each of our local communities of Macao, Singapore and Las Vegas.”
Adelson expressed confidence that Sands’ balance sheet will position the company for future growth opportunities once the virus subsides.
Adelson said: “As the largest shareholder of this company, my interests are very directly aligned with the interest of all shareholders. I know that the dividend is important to all our shareholders, as it is to me. I am known for the phrase, “yay dividends!”, and I assure you that it is still my mantra.
“But a strong balance sheet is also a vital and necessary component to realizing stockholder value in the decades ahead. 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.”
Sands stock has fallen approximately 30% over the last two months.
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