Las Vegas Sands has posted a sobering set of financial results for the fourth quarter ended December 31, 2020, with net revenue falling 67.3% to $1.15bn year-on-year and an operating loss of $211m versus operating income of $934m in Q4 2019.
Net loss in the fourth quarter of 2020 was $376m, compared to net income of $783m in the fourth quarter of 2019, while consolidated adjusted property EBITDA was $141m, down from $1.39bn year-on-year.
Full year 2020 operating loss was $1.69bn, compared to operating income of $3.70bn in 2019, while net loss attributable to Las Vegas Sands was $1.69bn, or $(2.21) per diluted share, in 2020, compared to net income of $2.70bn, or $3.50 per diluted share, in 2019.
Updating investors and paying tribute to the late Sheldon Adelson, Robert G Goldstein, Chairman and CEO, said: “Mr Adelson’s vision and leadership created Las Vegas Sands and the convention-based integrated resort business model that forms the bedrock of the company’s success.
“His impact will live on through the company’s 50,000 team members and the iconic properties he developed around the world. These last few weeks since Sheldon’s passing have been difficult for all of us, but his commitment to investing aggressively to build iconic resorts that deliver economic benefits to our host communities, the core of the company’s operating strategy, remains firmly in place.
“I am deeply committed to continuing the execution of the strategy he created, and confident that we will deliver growth in the years ahead while honoring his legacy and realizing his vision for the creation of additional Integrated Resorts in new markets.”
Patrick Dumont, President and COO, added: “Mr Adelson established the roadmap for the future of this company, and that roadmap remains unchanged. I am dedicated to working with Rob and our leadership team to make our strategic objectives a reality.
“Our path forward is clear and remains true to the principles our founder was committed to for so many years – we will continue supporting our people and the local communities in which we operate, reinvesting in our current markets, producing strong returns for our shareholders and aggressively pursuing new development opportunities.”
Turning to the financials and the impact of COVID on trading, Goldstein said: “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 Macao, Singapore and Las Vegas.
“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 Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”
