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Sands China revenue plummets in 2020 due to Macau travel restrictions

02/20/2021| 12:08:17 PM|

The Macau-focused subsidiary of Las Vegas Sands, made a loss of $1.52bn last year, representing three-quarters of the parent company’s 2020 loss.

Sands China, the Macau-focused subsidiary of Las Vegas Sands, made a loss of $1.52bn, representing three-quarters of the parent company’s 2020 loss, after revenue dropped 80.8% to US$1.69 billion amid travel restrictions.

The casino revenue of $1.17bn came as turnover fell 81.3% to $19.67bn, down 81.3%. This was made up of $12.1bn in VIP chip turnover, $4.65bn in non-VIP chip turnover and $2.92bn in slot turnover.

Breaking revenue down by resort, the Venetian Macau remained Sands China’s top property, though revenue dropped 79.0% to $738m.

The Londoner Macau – formerly Sands Cotai Central – saw revenue plummet 85.5% to $297m. The Parisian Macau, meanwhile, saw revenue drop 84.3% to $259m.

The Plaza Macau was Sands China’s most resilient resort, but revenue still dropped 69.8% to $265m. Sands Macau revenue was down 80.8% to $120m. Ferry and other operations revenue was down 84.6% to $21m.

After a net interest expense of $268m, Sands China’s pre-tax loss was $1.51bn, compared to a $2.03bn in 2019. After $16m in tax expenses, the operator’s loss was $1.52bn, which again compared to a $2.03bn 2019 profit.

While 2020 was a difficult year for the operator, chief executive Robert Goldstein expressed confidence that gaming in the region would recover strongly.

Las Vegas Sands also announced the combined group’s revenue last month. Revenue fell 73.7% to $3.61bn while the operator made a $2.18bn loss.

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TAGS: Sands China | Las Vegas Sands | Macau
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