Sands China Ltd. reported a net loss of US$549 million (MOP 4.38 billion) for the fiscal second quarter, according to an announcement made on the Hong Kong Stock Exchange. This is in comparison to its net income of US$511 million in 2019 Q2. Revenue for the second quarter dropped by 98.1 per cent year-on-year and came in at US$40 million.
Las Vegas Sands reported similar figures, with a drop of 97.1 per cent year-on-year coming in with net revenue of US$98 million. The company lost US$985 million on a net basis for the second quarter.
Despite these results, Sands Chairman and CEO Sheldon Adelson sees some semblance of recovery in their properties: “I am pleased to say that the early stages of the recovery process from the COVID-19 pandemic in each of our markets is now underway … We remain optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength will enable us to continue to execute our previously announced capital expenditure programs in both Macao and Singapore, while continuing to pursue growth opportunities in new markets.”