Las Vegas Sands Swings to Loss Amid Plummeting Revenue

By Katherine Sayre 

Casino magnate Sheldon Adelson's Las Vegas Sands Corp. reported a 97% decline in revenue as the global pandemic dampens visitation to the gambling hubs of Las Vegas and Macau.

On Wednesday, Sands posted $98 million in net revenue for the three months ended June 30, down from $3.3 billion a year earlier. The company had a net loss of $985 million for the quarter, compared with net income of $1.11 billion a year earlier.

Nevada allowed casinos throughout the state, including the Las Vegas Strip, to reopen June 4 after an unprecedented shutdown in March of the state's most important industry. Since then, Covid-19 cases have been on the rise in Nevada. Casino visitors and workers alike are required to wear masks on casino floors, which are also subject to a 50% occupancy limit.

"I am pleased to say that the early stages of the recovery process from the Covid-19 pandemic in each of our markets is now under way," Mr. Adelson said in a press release accompanying the company's quarterly financial results.

Meanwhile, in the gambling enclave of Macau, monthly gross gambling revenue was down 97% in June from a year earlier, according to government data. Travel restrictions have limited the flow of gamblers into the Chinese territory.

Sands China Ltd., the company's subsidiary in Macau, reported a net loss of $549 million for the quarter, compared with net income of $511 million a year earlier.

Sands reported a cash balance of $3.02 billion and total debt of $13.82 billion as of June 30.

Write to Katherine Sayre at [e-mail]

(END) Dow Jones Newswires

July 22, 2020 16:56 ET (20:56 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.