Sands sees 97% revenue drop By the numbers
Las Vegas Sands Corp. executives offered a gloomy near-term forecast of the company’s Las Vegas business — the meetings and conventions industry — when they reported second-quarter earnings on Wednesday.
The Las Vegas-based company’s net revenue plunged 97.1 percent in the second quarter to $98 million compared with $3.334 billion in the same quarter a year ago, and the casino company showed net losses amid the coronavirus pandemic and casino shutdowns across the world.
The company was the first Las Vegas-based casino operator to report second-quarter earnings.
Sands’ Venetian and Palazzo resorts were closed for more than two-thirds of the quarter that ended June 30, reopening June 4. The company was also handicapped in Macao by border closures from nearby Guangdong province that were in place most of the quarter.
The Chinese central government has started to relax the border policies with Guangdong, but there are still restrictions in place from Hong Kong.
Bleak outlook
Sands Chief Operating Officer Rob Goldstein told analysts on a conference call with investors Wednesday that the outlook for the company’s venerable meetings and conventions business is bleak for the rest of the year.
“Of all (our markets, Las Vegas, Macao and Singapore), I view Las Vegas least favorably,” Goldstein said. “Las Vegas, especially our company but really the whole city, is dependent on group, convention and banquet segments’ return. I see nothing that indicates that 2020 will return at all.”
The company is dependent on conventions driving food
Second-quarter revenue and earnings for Las Vegasbased Las Vegas Sands Corp., operator of The Venetian and Palazzo on the Strip and resorts in Macao and Singapore. (NYSE: LVS)
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project in the world, meaning it generates power off the grid and doesn’t affect public utilities, the statement said.
When combined with the project’s