Las Vegas Sands Earnings Plummet In 1st Quarter

Effects Of COVID-19 Shutdowns Clearly Seen

Associated Press
April 23, 2020 - 7:30 am

Photo by Ethan Miller/Getty Images

LAS VEGAS (AP) — The effects of the coronavirus on the Las Vegas Strip became painfully clear when Las Vegas Sands released their first-quarter earnings on Wednesday.

Las Vegas Sands Corp, owenrs of the Venetian and Palazzo resorts, reported a first-quarter loss of $1 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Las Vegas-based company said it had a loss of less than 1 cent. Losses, adjusted for non-recurring gains, came to 3 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.

The casino operator posted revenue of $1.78 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.57 billion.

Las Vegas Sands shares have decreased 41% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.98, a drop of 39% in the last 12 months.