Las Vegas Sands loses $1bn in H1 amid Covid-19
Land-based gaming giant Las Vegas Sands saw revenue fall 73.1% year-on-year for the six months ended 30 June, 2020 after Q2 revenue collapsed to almost zero due to the novel coronavirus (Covid-19) pandemic.
The business made $1.88bn in revenue for the half-year,down 73.1% year-on-year. Most of this revenue came from casino, at $1.19bn. However, this figure was down 76.4% year-on-year.
Revenue from rooms fell 67.9% to $282m while food and beverage revenue fell 66.9% to $151m and mall revenue declined 55.5% to $145m. Convention, retail and other revenue fell 61.3% to $115m.
As the novel coronavirus (Covid-19) pandemic affected China before the US, Las Vegas Sands’ Macau revenue fell most drastically, by 80.7% to $861m. Revenue for all operators on the island fell 77.4% for the first half of the year.
The Venetian Macau was the operator’s most successful property in the territory, but revenue fell 80.4% to $343m. Revenue from the Sands Cotai Central, meanwhile, fell 83.0% to $180m.
Revenue from The Plaza Macau and Four Seasons Hotel Macau was the most stable, but still fell 71.0% to $126m while the Parisian Macau was most affected by the virus, with revenue falling 86.4% to $118m. Sands Macau revenue fell 75.2% to $76m while ferry operations revenue declined by 70.0% to $18m.
Elsewhere, the Marina Bay Sands resort in Singapore saw revenue decline 56.4% to $635m while revenue from the operator’s Las Vegas operating properties in the US fell 53.4% to $436m. In 2019, the business had also made $227m through the former Sands Bethlehem venue in Pennsylvania, which is now owned and operated by Wind Creek Hospitality. Overall revenue outside of Macau came to $1.02bn.
While operating expenses also fell drastically, by 46.3% to $2.75bn, they comfortably exceeded revenue.