Sands China Reports $166 Million Loss in Q1 2020

Macau casino operator Sands China has reported a net loss of US$166 million for Q1 2020, compared to $577 million in Q1 2019. Total net revenues fell 65.1% to $814 million.

“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 to helping those in need in each of our local communities of Macao, Singapore, and Las Vegas,” Sheldon G. Adelson, chairman and chief executive officer of LVS, said.

During an investor call, Adelson said he was not sure how long the pandemic would last, but was confident that travel and tourism spending in their markets would eventually recover.

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“As surely as day follows night, people will travel again, shop again, and come together again to enjoy entertainment and social interaction, to exchange ideas and to conduct business,” he said.

When asked about when travel restrictions between China and Macao would be lifted, Adelson said it was not possible to predict at this time, however, they are hopeful it will begin to be lifted in the latter part of May and June 2020.

The chairman said the company would not slow its investment in Macau, noting the company was making great progress in its $2.2 billion capital investment programme for The Londoner Macao and The Grand Suites at Four Seasons.