Coronavirus-related third-quarter disappointment for Sands China Limited

Home » Coronavirus-related third-quarter disappointment for Sands China Limited

Macau casino operator Sands China Limited has reportedly recorded a net loss of $423 million for the three months to the end of September as it continues to deal with the turmoil caused by the ongoing coronavirus pandemic.

According to a report from Inside Asian Gaming, the deficit for the Las Vegas Sands Corporation subordinate nevertheless represented an improvement of 24.7% when compared with the $562 million loss it chalked up for the same three-month period in 2020 despite being some 154% higher than the previous quarter’s shortfall of $166 million. The source detailed that the company’s latest financial figures were significantly hurt by the recent reintroduction of a number of travel restrictions following a small outbreak of coronavirus in Macau.

Retreating receipts:

Sands China Limited is responsible for the impressive The Venetian Macao, Sands Macao, The Plaza Macao and The Parisian Macao properties in addition to the new-look The Londoner Macao development. The Hong Kong-listed firm reportedly saw its associated third-quarter net revenues plummet by slightly over 28% quarter-on-quarter to $611 million although this disappointing tally was still far above the meagre $167 million it brought in for the same three-month period in 2020.

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Operator optimism:

Robert Goldstein serves as the Chairman and Chief Executive Officer for Sands China Limited and he reportedly disclosed that the firm still managed to note positive third-quarter adjusted earnings before interest, tax, depreciation and amortization of $32 million. He purportedly went on to explain that The Venetian Macao was responsible for a large part of this success as the property’s receipts for the three-month period hit $40 million with The Plaza Macao having contributed a further $42 million.

Reportedly read a statement from Goldstein…

“While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive earnings before interest, tax, depreciation and amortization in each of our markets. We remain confident in the eventual recovery in travel and tourism spending across our markets.”

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Singapore slump:

Sands China Limited is furthermore responsible for the Marina Bay Sands development in Singapore and reportedly divulged that this three-tower property saw its own third-quarter revenues drop by 11.3% year-on-year to $249 million as adjusted earnings before interest, tax, depreciation and amortization hit a paltry $15 million. By comparison and The Parisian Macao venue purportedly scraped in only $5 million in associated income while The Londoner Macao and Sands Macao chalked up losses of $33 million and $21 million respectively.

Goldstein’s statement reportedly read…

“Demand for our offerings from customers who have been able to visit remains strong but pandemic-related travel restrictions in both Macau and Singapore continue to limit visitation and hinder our current financial performance.”

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