Casino operator Las Vegas Sands lost nearly three-quarters of a billion dollars in the third quarter, with Singapore the only market to generate positive earnings.
Figures released Wednesday show Sands generated revenue of $586m in the three months ending September 30, an 82% decline from the same period last year, but a major step up from the $98m generated in Q2 2020.
Sands booked an adjusted earnings loss of $203m in Q3 while reporting a net loss of $731m versus a $669m profit in Q3 2019. Investors took the results in stride, as Sands stock closed Wednesday down less than 1% but jumped 4% in after-hours trading.
Sands China, traditionally the engine of the company’s success, reported revenue falling 92% year-on-year to $167m, while booking a net loss of $562m versus a $454m profit in Q3 2019. All of Sands’ Macau casinos reported negative earnings, reflecting the market’s ongoing streak of annual monthly revenue declines of at least 90%.