The board of directors of Sands China Ltd. announced that at the meeting of the Board held on April 17, members resolved not to recommend the payment of a final dividend in respect of the year ended December 31, 2019.
A statement by the company said, “Visitation to Macau has decreased substantially since January 2020 as a result of the COVID-19 coronavirus pandemic’s strong deterrent effect on travel and social activities, the Chinese government’s suspension of its visa and group tour schemes that allow mainland Chinese residents to travel to Macau, quarantine measures, travel and entry restrictions and conditions in Macau, Hong Kong and certain cities and regions in mainland China, the suspension of ferry services and other modes of transportation within Macau and regionally, and, most recently, the ban on entry or enhanced quarantine requirements, depending on the person’s residency and their recent travel history.”
“The Macau government has announced publicly that total visitation from mainland China to Macau decreased by 14.9% in January 2020 (with a 83% decrease in visitation over the first seven days of Chinese New Year) and 97.2% in February 2020 as compared to the same periods in 2019. It has also announced that monthly gross gaming revenue decreased by 11.3%, 87.8% and 79.7% in January, February and March 2020 respectively,” the statement said.
The Board of Sands China recognises the current and potential material impact of the COVID-19 pandemic on the global economy and said in the statement that it “has a strong capital, funding and liquidity position and remains committed to executing its ongoing capital expenditure programs in Macau. “
“The Board of Sands China will continue to review the situation and monitor market conditions,” the statement said.
