Sands Corp. told shareholders during its quarterly results call that its Las Vegas based operations which revolved around Sands Expo, The Venetian and The Palazzo were now considered a discontinued operation that was waiting for its sale to be completed.
Sands Corp. announced in early March that it had decided to sell its Las Vegas casino portfolio for $6.25 billion as its U.S. based operations was not contributing a whole lot to overall gross gaming revenues.
Sands Corp informed investors that its Las Vegas casinos ended up losing $62 million during the first quarter of 2021.
The total net revenues from its Las Vegas operations in the first quarter were just $139 million when compared to the first quarter of 2020 when net revenues totalled $365 million. This resulted in a massive decline of 62 percent.
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The total gross gaming revenues brought in by its U.S based operations amounted to less than 20 percent of overall revenues. Over 80 percent of Sands Corp’s revenues came in from its Macau casino properties and Marina Bay Sands in Singapore.
Sands told investors that its Macau operations brought in $769 million during the first quarter of 2021 which was a drop of 4.1 percent when compared year on year. Marina Bay Sands had it a lot worse as gross gaming revenues during the first quarter were just $426 million which was a decline of 30.4 percent year on year.
Sands Corp first quarter revenues as a company stood at $1.2 billion which was a decline of 15.6 percent when compared year on year. The casino operator registered a net income of $6 million during the first quarter of 2020 but suffered total losses of $96 million in the first quarter of 2021.
Sale Proceeds To Boost Asian Market
Sands CEO Rob Goldstein announced that the operator would take the capital from its Las Vegas properties sale and use it to boost its presence in the Asian gaming market. Sands Corp. is expected to invest heavily into its Macau and Singapore properties as it looks to expand and give its properties a makeover.
Goldstein acknowledged that both Macau and Singapore were still recovering from the COVID-19 pandemic but expressed confidence that both gaming markets will rebound strongly in the near future.
Goldstein also confirmed that Sands Corp. will continue to campaign for casino legalization in Texas and also push for an integrated casino license in Manhattan, New York.