Sands China Ltd reported a loss of US$166 million in the three months to 31 March 2020, down from net income of US$557 million in 1Q19, following a 65.1% decline in revenues due to the impact of COVID-19 in Macau.
“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,” said Chairman and CEO Sheldon Adelson in parent company Las Vegas Sands’ first quarter results announcement this morning (Macau time).
“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 Macau, Singapore and Las Vegas.
“Despite these circumstances, our balance sheet strength will enable us to emerge from this pandemic with all our promising future growth opportunities fully intact.”
Net revenues from LVS’ Macau operations – comprising The Venetian Macao, The Parisian Macao, Sands Cotai Central, The Plaza Macao and Four Seasons, Sands Macao and ferry operations – were US$814 million compared to US$2.33 billion a year earlier.
With all properties taking a hit following the 15-day closure of all Macau casinos in February and limited visitation since, The Venetian Macao saw its casino revenue drop 66.1% to US$251 million, marked by a 69.7% decline in rolling chip volume to US$2.27 billion and 63.9% fall in non-rolling chip to US$817 million. Adjusted Property EBITDA plummeted 86.4% to US$49 million.
The Parisian Macao saw casino revenues drop 70.3% to US$115 million on a 51.7% fall in rolling chip volume and 65.8% fall in non-rolling chip, pushing Adjusted Property EBITDA to a loss of US$3 million – down 101.8% year-on-year.
Casino revenues were down 72.4% at Sands Cotai Central to US$23 million, down 52.0% at The Plaza Macao and Four Seasons to US$83 million and down 54.0% to US$64 million at Sands Macao.
Las Vegas Sands’ Singapore flagship, Marina Bay Sands, also felt the pinch, albeit to a lesser extent given the later implementation of COVID-19 restrictions, with net revenues down 20.2% to US$612 million. Casino revenues fell 19.3% to US$439 million, with rolling chip volume down 6.9% to US$6.63 billion and non-rolling chip by 19.8% to US$1.08 billion.
Group-wide revenue for LVS fell 51.1% to US$1.78 billion for the quarter, with a net loss of US$51 million compared to net income of US$744 million in 1Q19. Consolidated Adjusted property EBITDA was US$437 million, a decrease of 69.9%.
