Las Vegas Sands reports Q4 net revenue of $1.15bn, down 67%
Las Vegas Sands net revenue of $1.15bn for the fourth quarter ending on Dec. 31, 2020, which is down 67% from the prior year quarter.
Wednesday marked the first earnings report since the passing of LVS founder and chairman Sheldon Adelson earlier this month.
Operating loss amounted to $211m, down from an operating income of $934m for Q4 of 2019, while quarterly net loss was $376m, compared to net income of $783m from the same quarter a year ago.
The company reported consolidated adjusted property EBITDA of $141m, down from $1.39bn in the prior year quarter.
LVS saw operating loss of $1.69bn for the full 2020 year, compared to operating income of $3.70bn for 2019.
On heels of the earnings report, the company was trading late Wednesday at just above $49, a one-day decline of 6.45%.
Despite the disappointing Q4 figures, LVS chairman and CEO Robert Goldstein expressed confidence that the company’s Asian properties will lead a 2021 recovery.
“Turning to our financial results, I am pleased to share that the recovery process from the Covid-19 pandemic continues to progress in both Macao and Singapore,” he said. “Our greatest priority as the recovery continues 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.”
Net revenue at LVS’ five Macau properties plus Ferry Operations and Other amounted to $675m for Q4, down from $2.24bn in the prior year quarter. Marina Bay Sands generated $345m in quarterly net revenue, a drop from $853m in 2019 Q4.
Las Vegas properties lagged behind with net revenue of $150m, down from $475m in the prior year quarter.
“We remain optimistic about the eventual recovery of travel and tourism spending across our markets,” Goldstein said. “We are fortunate that our financial strength supports our previously announced capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”
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