A net loss of $125 million in August, nearly doubling from the previous month, as a direct result of the implementation of new coronavirus-related border restrictions.
The company behind the 289-room Sands Macao venue also detailed that its net August revenue fell to about $148 million, just over 44% month-on-month, while adjusted earnings before interest, tax, depreciation and amortization fell to a deficit of about $14 million from a profit of about $44 million.
Sands China Limited, a subsidiary of U.S. casino giant Las Vegas Sands, is also responsible for developing impressive Macao, The Plaza Macao, Macao properties in Paris, and a new look in London Macao. The source explained that the move comes after the company implemented a plan in July to require people travelling from Guangdong to Macau to submit a negative test for the coronavirus announced within 12 hours of departure through an official investor disclosure (pdf) yesterday.
The new barrier has significantly reduced the prevalence of mainland Chinese tourists in venues, which began to improve late last month after local governments eased the validity of these checks to a seven-day-ago threshold. Nevertheless, it is reported that the operator currently has $2.55 billion in liquidity, which includes approximately $556 million in cash, and believes it can ‘continue to support operations, complete major construction projects in progress, and respond to current coronavirus pandemic challenges.’
“The group has taken a range of mitigation measures to manage through the current environment, including cost and capital expenditure savings programs, to minimize cash outflows for non-essential items.