Las Vegas Sands Corp was among the first this week to report financial results for the quarter ended June 30, 2020. The update revealed a dramatic fall in net revenue and operating income, but also stated that the company is in the early stages of recovery in each of its markets and maintains a strong balance sheet.

Net revenue was $98m, a decrease of 97.1% from the prior year quarter. Operating loss was $922m compared to operating income of $894m year-on-year. Net loss in the second quarter of 2020 was $985m versus net income of $1.11bn in the second quarter of 2019. Consolidated adjusted property EBITDA was $(547) m, compared to $1.27bn in the prior year quarter.

Chairman and CEO Sheldon G Adelson told investors: “I am pleased to say that the early stages of the recovery process from the Covid-19 pandemic in each of our markets is now underway.

“Our greatest priority during this period of the recovery 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.

“We remain 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 enable 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.”

In conclusion, Sands reported that it has access to $3.94bn available for borrowing under its US, SCL and Singapore revolving credit facilities, net of outstanding letters of credit. As of June 30, 2020, total debt outstanding, excluding finance leases, was $13.82bn.