Sands China reports 70% drop in revenue for Q4

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Sands China reports 70% drop in revenue for Q4

Sands China Ltd has reported total net revenue of $672m for Q4 2020, a 70% decline from $2.24bn for the same period in 2019.

Net loss was $246m against net income of $513m reported for Q4 2019. Quarter-on-quarter sees an improvement of 300%, as Q3 recorded a loss of $562m, with $167m in revenues.  

Adjusted property EBITDA in Sands China’s Macau properties was $47m, an improvement compared to an adjusted EBITDA loss of $233m in Q3 but still a decline from $811m in adjusted EBITDA recorded in Q4 2019. 

The company’s full-year revenue for 2020 dropped by 80% to $1.69bn. For full-year, Sands China reported a net loss of $1.52bn, against a net income of $2.04bn in 2019.  

Las Vegas Sands, Sands China’s parent company, reported group-wide revenue dropped by 67% year-on-year to $1.15bn in Q4 2020. Net loss was $376m, compared to net income of $783m for the same period last year. 

Robert Goldstein, the newly appointed CEO and Chairman of Las Vegas Sands, said he was pleased to see Macau and Singapore show signs of recovery. He said: “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 Macau and Singapore, as well as our pursuit of growth opportunities in new markets.” 

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