Las Vegas Sands Corporation has posted its financial results for the quarter ended March 31, 2020, with Chairman and CEO Sheldon Adelson describing the impact of the Covid-19 pandemic as unprecedented and unlike anything in more than 70 years in business.

Adelson’s grim view of the situation was borne out by Sands’ numbers, with net revenue of $1.78bn down 51.1% from the prior year quarter. Operating income decreased 94.3% to $55m and net loss in the first quarter of 2020 was $51m compared to net income of $744m year-on-year. Consolidated adjusted property EBITDA was $437m, a decrease of 69.9% from the prior year quarter.

The company paid a quarterly dividend of $0.79 per common share on March 26, 2020, but has suspended its quarterly dividend program due to the impact of the COVID-19 pandemic.

Adelson told investors: “Our greatest priority during this difficult time remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore and Las Vegas.

“Despite these circumstances, our balance sheet strength will enable us to emerge from this pandemic with all our promising future growth opportunities fully intact. We remain extremely optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our future growth prospects. 

“We are fortunate that our financial strength will allow us to continue to execute our previously announced capital expenditure programs in both Macao and Singapore, while continuing to pursue growth opportunities in new markets.”