Sands’ sad year continues with $211m loss

A traumatic year for Las Vegas Sands, with the death of its founder Sheldon Adelson and readjusted board, has resumed with news of a 67.3 per cent loss in the fourth quarter results.

Newly-appointed CEO Robert Goldstein, in announcing the fourth quarter results, paid tribute to Sheldon Adelson and said that the past few weeks “had been difficult for all of us.”

He was nevertheless optimistic about the group’s future, once the recovery of travel and tourism across its markets has resumed. He said that net revenue was $1.15bn, down 67.3 per cent, and it showed an operating loss of $211m compared with income of $934m. The net loss was $376m compared with $783m. EBITDA was $141m compared with $1.39bn in the prior year.

For the full year, the operating loss was $1.69bn compared with an operating income of $3.7bn. The net loss attributable to Las Vegas Sands was $1.69bn in 2020 compared with $2.7bn.