Sands China reports 70% drop in revenue for Q4
Sands China Ltd has reported total net revenue of $672 million for Q4 2020, a 70% decline from $2.24 billion for the same period in 2019.
Sands China Ltd has reported total net revenue of US$672 million (MOP 5.36 billion) for Q4 2020, a 70 per cent decline from US$2.24 billion for the same period in 2019.
Net loss was US$246 million against net income of US$513 million reported for Q4 2019. Quarter-on-quarter sees an improvement of 300 per cent, as Q3 recorded a loss of US$562 million, with US$167 million in revenues.
Adjusted property EBITDA in Sands China’s Macao properties was US$47 million, an improvement compared to an adjusted EBITDA loss of US$233 million in Q3 but still a decline from US$811 million in adjusted EBITDA recorded in Q4 2019.
The company’s full-year revenue for 2020 dropped by 80 per cent to US$1.69 billion. For full-year, Sands China reported a net loss of US$1.52 billion, against a net income of US$2.04 billion in 2019.
Las Vegas Sands, Sands China’s parent company, reported group-wide revenue dropped by 67 per cent year-on-year to US$1.15 billion in Q4 2020.
Net loss was US$376 million, compared to net income of US$783 million for the same period last year.
Robert Goldstein, the newly appointed CEO and Chairman of Las Vegas Sands said he was pleased to see Macao and Singapore show signs of recovery.
“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 Macao and Singapore, as well as our pursuit of growth opportunities in new markets,” he said.
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