Sands China Ltd, the Macau subsidiary of US casino giant Las Vegas Sands, has reported a net loss of US$246 million for the three months to 31 December 2020, impacted by a 69.9% decrease in net revenues to US$672 million.
However, the figures represented steady improvement compared with the third quarter of 2020, when the company suffered a US$562 million loss on revenues of just US$167 million. Quarter-on-quarter, Sands China’s net revenues grew more than 300% in Q4.
“I am pleased to share that the recovery process from the COVID-19 pandemic continues to progress in both Macau and Singapore,” said newly appointed Chairman and CEO Rob Goldstein, who officially replaced Sheldon Adelson in the top job earlier this week following the company founder’s passing on 11 January 2021.
“We remain optimistic about the eventual recovery of travel and tourism spending across our markets. 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 results included Adjusted Property EBITDA of US$47 million across Sands China’s Macau properties, improved from an Adjusted EBITDA loss of US$233 million in 3Q20 although well down on Adjusted EBITDA of US$811 million in the final quarter of 2019.
There was also improvement at LVS’ flagship Singapore resort, Marina Bay Sands, where Adjusted EBITDA increased from US$70 million in the third quarter to US$144 million. Net revenues at MBS were down 59.6% year-on-year to US$345 million with casino revenue of US$229 million, which compared favorably with net revenues of US$281 million and casino revenues of US$197 million in the third quarter.
Total net revenues for Sands China Ltd through FY20 fell 80.8% versus 2019 to US$1.69 billion, with a net loss of US$1.52 billion compared with net income of US$2.04 billion in 2019.
Parent company LVS reported group-wide net revenue of $1.15 billion in 4Q20, down 67.3% year-on-year, with a net loss of US$376 million. FY20 net loss was US$1.69 billion.