Covid impact leads Las Vegas Sands to $2.18bn loss in 2020

Las Vegas Sands made a loss of more than $2bn with revenue falling 73.7% to $3.61bn for 2020, as new chief executive Robert Goldstein announced the results of a year severely impacted by the novel coronavirus (Covid-19).

Casinos were still the largest contributor to revenue, but revenue from this segment was down 65.9% year-on-year to $2.27bn.

Room revenue fell 72.5% to $498m while food and beverage revenue was down 68.7% to $283m. Mall revenue fell 46.8% to $381m and convention, retail and other revenue was down 66.7% to $182m.

The decline in revenue was sharpest in Macau, where travel restrictions impeded all operators’ earnings for most of the year, meaning revenue from the special administrative region was down 80.7% to $1.71bn.

The Venetian Macau brought in $738m, but this was down 81.8% year-on-year. Revenue from the Londoner Macau – formerly Sands Cotai Central – brought in $297m, 85.5% less than Sands Cotai Central did in 2019, after rebranding in a disrupted year.

The Parisian Macau also saw a steep drop in revenue, which fell 84.3% to $259m, while the Plaza Macau and Four Seasons Hotel was more resilient, but revenue was still down 68.8% to $265m.

Las Vegas Sands made an additional $120m, down 80.8%, from its Sands Macau property, plus $28m, down 76.1%, from ferry operations to and from the region.

Read the full story on iGB North America