Las Vegas Sands Reports 67% Drop in 4Q Revenue
January 27 2021 - 5:15PM
Dow Jones News
By Kimberly Chin
Las Vegas Sands Corp. reported a 67% decline in fourth-quarter
revenue in its first report since the death of its billionaire
founder, Sheldon Adelson.
The casino operator posted revenue of $1.15 billion for the
December quarter, down from $3.51 billion a year ago. Analysts
polled by FactSet expected $1.27 billion.
While Nevada allowed casinos throughout the state, including on
the Las Vegas Strip, to reopen in the summer following an
unprecedented shutdown last March, the state's most important
industry has been reeling from restrictions to occupancy levels and
lower spending and gambling from international tourists due to
curbed travel.
The pandemic has prompted casinos to re-examine their long-term
operating costs. The Venetian and Palazzo casinos' owner cut costs
by 47% from a year ago to $1.36 billion.
On Tuesday, the company's board named its previous Chief
Operating Officer Rob Goldstein as its chief executive officer and
chairman and tapped Patrick Dumont, Mr. Adelson's son-in-law, to
the operating chief and president post, setting in motion a
succession plan for the gambling empire without its longtime
leader.
Until now, Mr. Adelson had been the only CEO of the company he
began in 1989. Mr. Adelson died Jan. 11 at the age of 87 from
complications of treatment for non-Hodgkin lymphoma.
The Adelson family owns a majority stake in the company, with
nearly 57%
Las Vegas Sands swung to a loss of $299 million, or 39 cents a
share, from a profit of $629 million, or 82 cents a share, a year
ago. On an adjusted basis, the company posted a loss of 37 cents a
share. Analysts on average forecast a 32 cents-a-share loss.
Write to Kimberly Chin at Kimberly.Chin@WSJ.com
(END) Dow Jones Newswires
January 27, 2021 17:00 ET (22:00 GMT)
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