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Sands begins recovery in Q3, but revenue still down 82%

| By Daniel O'Boyle
Las Vegas Sands showed signs of recovery from the second quarter’s novel coronavirus (Covid-19) disruption, but revenue was down 82.0% and third quarter losses came to $731m.

Of the operator’s $586m in revenue generated in the three months to 30 September, $340m came from casinos, 85.4% less than in 2019.

Malls, the most resilient revenue stream, became Sands’ second-largest moneymaker for the quarter, bringing in $83m, down 52.6%. A further $79m came from hotel rooms, an 82.7% decline, while food and beverage revenue declined 72.9% to $54m and convention, retail and other revenue was down 71.6% at $33m.

The continuing struggles of the gaming and tourism markets in Macau meant that Marina Bay Sands in Singapore became Las Vegas Sands’ largest source of revenue, bringing in $281m, down 35.4%. 

All of Sands’ Macau operations, meanwhile, saw combined revenue drop by 91.9% to just $171m, but this was still better than the Macau market as a whole performed during the quarter. Revenue for the Chinese Special Administrative Region dropped by 94.5% year-on-year in both July and August, before posting a 90.0% decline for September

The Venetian Macau was Sands’ largest source of revenue on the island, but revenue fell 92.0% to $68m. The Parisian Macau followed, bringing in $40m, down 89.5%, while the Plaza Macau and Four Seasons Hotel brought in $25m, down 73.9%.

Sands Cotai Central was the property most affected by the pandemic, as revenue fell 95.5% to just $22m, while revenue from Sands Macau fell 93.0% to only $12m. Ferry operations between Hong Kong or Guangzhou and Macau came to $4m, down 84.6%.

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