Las Vegas Sands reports 82% year-on-year Q3 revenue decline

By Peter Lynch

Casino operator Las Vegas Sands has reported an 82% year-on-year decline in revenue for Q3.

Sands posted net revenue of $586m in the third quarter of 2020, representing a decrease of 82% from the same period in 2019, having reported revenue of $3.3bn last time out.

It was, however, a major increase from the $98m reported for Q2.

The figures come as a direct result of the safety measures in place amid the ongoing coronavirus pandemic.

Chairman and CEO Sheldon G. Anderson shared his thoughts in the company’s latest trading update: “I am pleased to say the recovery process from the COVID-19 pandemic continues to progress in each of our markets.

“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.

“We remain optimistic about the eventual complete recovery of travel and tourism spending across our markets, as well as our future growth prospects.

“We are fortunate that our financial strength supports our previously announced capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”

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