Sands Reports Q3 Results But Positive On Future

Sheldon Adelson and his Las Vegas Sands (LVS) company were upbeat on their third quarter results even thou they did not reach analyst’s expectations.

The casino operator that has venues in the US, Singapore and Macau posted a total loss of $610 million for the quarter which was some 15% lower than expectations, revenues for the third quarter up to the end of September stood at $586 million which was 82% lower than the same period in 2019.

The companies Macau business recorded a 92% drop in revenues at $167 million with a massive net loss of $562 million and in Singapore results were a bit more positive with revenues falling by 64% to $281 million but the good news it turned a profit of $70 million.

Sheldon Adelson said of the quarterly results and the future: “I am pleased to say the recovery process from the Covid-19 pandemic continues to progress in each of our markets. Our greatest priority as the recovery continues remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macau, Singapore, and Las Vegas. We remain optimistic about the eventual complete recovery of travel and tourism spending across our markets, as well as our future growth prospects.”