Las Vegas Sands Posts $2 Billion Loss in 2020

Casino giant Las Vegas Sands has posted a $2 billion loss for the 2020 fiscal year as overall revenues for the company fell by 73.7% for the year.

Casino revenues were down 65.9% to $2.27 billion, while room revenues were down 72.5% to $498 billion. Beverage revenues dropped 68.7% to $283 million, and mall revenue was down 46.8% to $381 million. Convention, retail, and other revenue was also down 66.7% to $182 million.

Macau revenues were down 80.7% to $1.71 billion, leaving the company’s overall revenues at $3.61 billion or down 73.7%. Coupled with expenses that largely stayed in pace, Las Vegas Sands posted a loss of $2 billion for the year.

Things may be looking up a bit for the company though, as former CEO Sheldon Adelson died earlier this month. Adelson was a staunch anti-online gambling activist and after his death, the company announced that they were looking to enter the online space. This could generate some positive revenues for the company, although they’ll first have to partner with an online group or build their own platform.

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