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Sands China reveals US$562 million loss in 3Q20 but positive EBITDA for Singapore’s Marina Bay Sands

Ben Blaschke by Ben Blaschke
Thu 22 Oct 2020 at 04:53
Decline in VIP volume sees Sands China net revenue slip 2.0% in 3Q19

The Venetian Macao

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Sands China reported a net loss of US$562 million in the three months to 30 September 2020, with net revenues falling 92.1% year-on-year to US$167 million according to results published by parent company Las Vegas Sands.

The results, which compare with income of US$454 million over the same quarter last year, saw revenues improve from the US$40 million Sands China reported in 2Q20 – mirroring the easing of border restrictions between Macau and mainland China.

There was also improvement at Marina Bay Sands in Singapore, which returned to positive Adjusted EBITDA of US$70 million following an EBITDA loss of US$113 million in the second quarter. Net revenues at MBS were down 64.6% year-on-year to US$281 million with casino revenue of US$197 million, compared with US$23 million and US$7 million respectively in 2Q20.

“I am pleased to say the recovery process from the COVID-19 pandemic continues to progress in each of our markets,” said Las Vegas Sands Chairman and CEO Sheldon Adelson.

“We remain optimistic about the eventual complete recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength supports our previously announced capital expenditure programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets.”

The company’s Macau casinos reported an Adjusted EBITDA loss of US$233 million, including a US$78 million loss at The Venetian Macao on net revenues of US$68 million and a US$40 million loss on US$40 million in revenues at The Parisian Macao.

Las Vegas Sands reported a group-wide operating loss of US$610 million on an 82.0% decline in net revenue to US$586 million.

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Tags: 2020financial resultsLas Vegas SandsMacauMarina Bay SandsQ3Sands ChinaThe Parisian MacaoThe Venetian Macaothird quarter
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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