Las Vegas Sands reported a loss of revenue in Q1 2020, earning $1.78 billion in revenue, which is a 51.1% decline compared to the previous year. The company’s adjusted earnings were $437 million, a 70% drop, and operating income suffered a 94.3% decline with $55 million in earnings.
Overall, Las Vegas Sands suffered a $51 million loss compared to a $744 million profit in Q1 2019.
Sands China Ltd also reported a loss of $166 million for Q1, compared to $557 million the previous year. The company’s revenues have dropped by 65.1%, mostly due to the pandemic.
In Macau, Las Vegas Sands operations faced a decline as well, earning $814 million against $2.33 billion in 2019. The Venetian Macao revenue dropped 66.1% to $251 million. Adjusted Property EBITDA fell by 86.4% to $49 million.
Sands’ Singapore casinos are in a slightly better state because Singapore’s COVID-19 restrictions came at a later date. Marina Bay Sands’ revenue dropped 20.2% with $612 million in earnings.
Chairman and CEO Sheldon Adelson 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 70 years in business.” However, despite the losses suffered within the industry, he remained hopeful. “Despite these circumstances, our balance sheet strength will enable us to emerge from this pandemic with all our promising future growth opportunities fully intact,” he added.
