Adelson expresses ‘unbridled optimism’
US gaming operator Sands China reported a net loss of US$549 million (4.38 billion patacas) in the second quarter, compared to a net income of US$511 million in the same quarter of last year.
According to a statement by the company to the Hong Kong Stock Exchange yesterday, total net revenues dropped 98.1 percent year-on-year to US$40 million in the second quarter. Adjusted property EBITDA loss was US$312 million, compared to US$765 million a year earlier.
According to the statement, Sands China estimates a monthly run-rate of operating expenses of about US$110, and monthly development capital expenditures of about US$50 million.
The statement also said that Las Vegas Sands considers it has sufficient resources to operate in a “near zero” revenue environment for more than 18 months while continuing to execute its existing development projects in both Macau and Singapore.
The statement quoted Las Vegas Sands Chairman and CEO Sheldon G. Adelson as saying that “while our company is facing COVID-19 challenges, we are excited that we are seeing the first signs of recovery,” adding, “We are happy to report that since July 15, certain visitors returning to Guangdong province from Macau are no longer subject to quarantine.”
Adelson was also quoted as saying that “my 70 years of business experience are the basis for my unbridled optimism that people will travel again, shop again, and come together again to enjoy entertainment and social interaction, to exchange ideas and to conduct business.”
