Las Vegas Sands says that it continues to make progress in recovery efforts across each of its operational markets, as the casino resort developer and operator again voices optimism at the eventual complete recovery of travel and tourism despite a series of Q3 declines.
The firm, which asserts that its greatest priority remains the safety and security of team members and guests and support for local communities in Macau, Singapore and Las Vegas, also reaffirms a strong balance sheet positions it to invest in future growth opportunities.
Making the comments in the company’s latest quarterly financial report, net revenue finished up at $586m, representing an 82 per cent decrease from $3.25bn, as EBITDA swung from $1.28bn to -$203m.
Operating loss for the reporting period to September 30, 2020, stands at $610m, compared to a profit of $899m a year earlier, with net income dropping from $699m to a Q3 loss of $731m.
For the first nine months of the year revenue plummeted from 2019’s $10.23bn to $2.46bn, EBITDA is reported as -$313m compared to $4bn, operating loss finished at $1.47bn as opposed to a profit of $2.76bn a year earlier and net income fell from $2.52bn to a loss of $1.76bn.
Capital expenditures during the third quarter totaled $376m, including construction, development and maintenance activities of $279m in Macau, $76m at Marina Bay Sands and $21m in Las Vegas.
“I am pleased to say the recovery process from the COVID-19 pandemic continues to progress in each of our markets,” stated Sheldon Adelson, chairman and chief executive officer.
“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 Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”