Sands China reported a net loss of US$562 million in the three months to 30 September 2020, with net revenues falling 92.1% year-on-year to US$167 million according to results published by parent company Las Vegas Sands.
The results, which compare with income of US$454 million over the same quarter last year, saw revenues improve from the US$40 million Sands China reported in 2Q20 – mirroring the easing of border restrictions between Macau and mainland China.
There was also improvement at Marina Bay Sands in Singapore, which returned to positive Adjusted EBITDA of US$70 million following an EBITDA loss of US$113 million in the second quarter. Net revenues at MBS were down 64.6% year-on-year to US$281 million with casino revenue of US$197 million, compared with US$23 million and US$7 million respectively in 2Q20.
“I am pleased to say the recovery process from the COVID-19 pandemic continues to progress in each of our markets,” said Las Vegas Sands Chairman and CEO Sheldon Adelson.
“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.”
The company’s Macau casinos reported an Adjusted EBITDA loss of US$233 million, including a US$78 million loss at The Venetian Macao on net revenues of US$68 million and a US$40 million loss on US$40 million in revenues at The Parisian Macao.
Las Vegas Sands reported a group-wide operating loss of US$610 million on an 82.0% decline in net revenue to US$586 million.