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Las Vegas Sands Reports First Quarter 2020 Results

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5 years ago

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For the quarter ended March 31, 2020 (Compared to the quarter ended March 31, 2019)

– Greatest Priorities Remain the Safety and Security of Team Members and Guests and Support for Local Communities in Macao, Singapore and Las Vegas

– The Company will Continue Previously Announced Capital Expenditure Programs in both Macao and Singapore

– Strong Balance Sheet Positions the Company Well to Invest in Future Growth Opportunities

 

Las Vegas Sands Corp. (NYSE: LVS), the world’s leading developer and operator of convention-based Integrated Resorts, reported financial results for the quarter ended March 31, 2020.

“The impact of the Covid-19 pandemic on our business has been unprecedented, and I have never seen anything like it in my over seventy years in business,” said Sheldon G. Adelson, chairman and chief executive officer. “Our greatest priority during this difficult time remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore and Las Vegas.

Despite these circumstances, our balance sheet strength will enable us to emerge from this pandemic with all our promising future growth opportunities fully intact. We remain extremely optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength will allow us to continue to execute our previously announced capital expenditure programs in both Macao and Singapore, while continuing to pursue growth opportunities in new markets.”

Net revenue was $1.78 billion, a decrease of 51.1% from the prior year quarter. Operating income decreased 94.3% to $55 million. Net loss in the first quarter of 2020 was $51 million compared to net income of $744 million in the first quarter of 2019. Consolidated adjusted property EBITDA was $437 million, a decrease of 69.9% from the prior year quarter.

The company paid a quarterly dividend of $0.79 per common share on March 26, 2020. The company has suspended its quarterly dividend program due to the impact of the novel coronavirus (“COVID-19”) pandemic.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL decreased 65.1%, compared to the first quarter of 2019, to $814 million. Net loss for SCL was $166 million, compared to net income of $557 million in the first quarter of 2019.

 

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $131 million for the first quarter of 2020, compared to $141 million in the prior-year quarter. The decrease resulted from our weighted average borrowing cost in the first quarter of 2020 decreasing to 4.2%, compared to 4.6% during the first quarter of 2019.

Our income tax expense for the first quarter of 2020 was $25 million, compared to $85 million in the prior year quarter. The tax rate for the first quarter of 2020 was primarily driven by a 17% statutory tax rate on our Singapore operations.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2020 were $2.60 billion.

 

The company has access to $3.93 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of March 31, 2020, total debt outstanding, excluding finance leases, was $12.30 billion.

Capital Expenditures

Capital expenditures during the first quarter totaled $320 million, including construction, development and maintenance activities of $241 million in Macao, $33 million in Las Vegas and $46 million at Marina Bay Sands.

Conference Call Information

The company will host a conference call to discuss the company’s results on Wednesday, April 22, 2020 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.

About Las Vegas Sands Corp. (NYSE: LVS)

Las Vegas Sands is the world’s pre-eminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.

Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.

 

Our properties include The Venetian Resort and Sands Expo in Las Vegas and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, Sands Cotai Central and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for our team members worldwide, drive social impact through the Sands Cares charitable giving and community engagement program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.

 

SOURCE Las Vegas Sands Corp.

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Gambling in the USA

Gaming Americas Weekly Roundup – March 24-30

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4 days ago

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April 1, 2025

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Bruce Smith Enterprise and The Cordish Companies celebrated the groundbreaking of the new LIVE! CASINO & HOTEL VIRGINIA in Petersburg. The milestone officially commences construction on a transformative project that will generate billions of dollars in economic benefits and spinoff development, create thousands of new jobs, and set a new standard for gaming, hotels and entertainment in the Commonwealth. Live! Casino & Hotel Virginia is part of a larger $1.4 billion master plan by the partnership, scheduled to be developed in phases, that will bring a world-class mixed-use resort destination to Petersburg. Executives from Bruce Smith Enterprise, The Cordish Companies and Cordish Gaming were joined by Petersburg City Mayor Sam Parham and members of Petersburg City Council, Virginia State Senator Lashrecse Aird, Virginia State Delegate Kim Taylor and many other business and community leaders at the project site in Petersburg.

For the second year in a row, Hard Rock Hotel & Casino Atlantic City has been named a USA Today Top Workplaces Award Winner. Hard Rock Atlantic City ranked number 31 on the list of USA Today Top Workplaces Award Winners for 2025 in the category of large organisations, considered to be those with more than 2500 employees. Hard Rock Atlantic City is the highest-ranked casino on the list. In late 2024, more than 1000 Hard Rock Atlantic City team members participated in an anonymous survey administered by Energage, an independent human resources technology and research company behind the USA Today Top Workplaces employer recognition programme. USA Today first partnered with Energage in 2023 to identify, recognise and celebrate organisations prioritising people-first cultures. Top workplace awards have also been earned by Hard Rock Atlantic City’s corporate parent, Hard Rock International, which has been named one of America’s Best Large Employers by Forbes in 2025 and for seven of the past eight years.

Partnerships

Amusnet announced the continued growth of its partnership with Meridianbet, now live in Brazil. This latest development adds to a strong presence in markets such as Montenegro, Bosnia, Serbia, Congo, Cameroon, Kenya and Tanzania, where Amusnet’s games have already gained significant traction. Meridianbet.bet.br, players can find some of Amusnet’s top-notch games, such as Hot Deco, Extra Crown, Candy Palace, Stoichkov #8, Dancing Dead, Aztec Forest, 20 Golden Coins, Cavemen and Dinosaurs, and Cocktail Rush.

Quick Customer Intelligence (QCI) has deepened its partnership with Maropost, the leading provider of B2C ecommerce and retail technology. The partnership enables more meaningful and proactive communication between QCI’s casino clients and the casino guests. B2C companies are often bogged down by the expense and time spent managing technology tools, pulling focus away from the customer experience. Maropost enables QCI, and its casino clients, to stop focusing on tech and return their guests to the center of their business. Key to making this happen is Maropost’s “unified identifier” (UID). Casino operators can now use their own “player Ids” as Maropost’s UID, enabling a unified view of guest activity, even in cases of shared guest email addresses. Flexible UIDs result in improved tracking, engagement and personalised communications across multiple channels.

The post Gaming Americas Weekly Roundup – March 24-30 appeared first on European Gaming Industry News.

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Gambling in the USA

BMM INNOVATION GROUP SHOWCASES ITS SUPPORT FOR TRIBAL SOVEREIGNTY AT INDIAN GAMING CONFERENCE & EXPO MARCH 31 – APRIL 3 AT SAN DIEGO CONVENTION CENTER

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4 days ago

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March 31, 2025

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Company to sponsor, attend, and speak at the San Diego, California show.

BMM Innovation Group (“BMM,” “BIG Group,” or “BIG”), a technology conglomerate focused on product compliance testing, cybersecurity solutions, and virtual training for the global gaming industry, today announced its sponsorship and participation in the Indian Gaming Association’s (“IGA”) annual IGA Conference & Expo, March 31-April 3 at the San Diego Convention Center.

With over three decades of experience supporting Tribal gaming, BIG will be on-site as sponsors, speakers, and attendees to reinforce the Company’s steadfast commitment to Tribal sovereignty and self-regulation.

Proud Partners in Tribal Progress

The BIG Group’s Chairman, President, and Chief Executive Officer Martin Storm said, “BMM proudly partners with Tribal governments, Tribal casinos, and Tribal gaming equipment and technology suppliers to advance Tribal sovereignty, self-determination, and economic development. We are honored to continue supporting the growth and integrity of Tribal gaming through our trusted product compliance services, world-class training and virtual education, and our cybersecurity solutions to protect Tribal enterprises.”

BMM’s long-standing relationships with Tribal gaming suppliers and regulators are at the heart of its mission. As active members of IGA and other key Tribal organizations, BIG is committed to elevating Tribal voices and ensuring Tribal interests remain at the forefront of industry growth.

BIG Group Shares Thought Leadership on Conference Panels and Trainings

  • In addition to sponsoring and attending, the BIG Group’s expert thought leaders will speak and provide in-person training at the conference:
  • Tuesday, April 1 at 9 am: Innovation vs. Regulation: Keep Pace with Emerging Gaming Technologies – Sean Mason, Senior Director of Tribal Services
  • Tuesday, April 1 at 4 pm: Gaming and Cyber Risk Best Practices – Mitigate Risk and Sleep Better at Night – Heather Lee, Senior Director of Sales for BIG Cyber
  • Wednesday, April 2 at 9 am: Level III Commissioner Certification Training – Peter Nikiper, Director of Technical Compliance

Unmatched Expertise in Product Compliance and Certification

As a trusted testing laboratory for Tribal gaming jurisdictions across North America, BMM’s focus is fairness, integrity, and security in every gaming environment. IGA attendees are invited to connect with BMM experts to learn more about the Company’s comprehensive product compliance programs.

Education & Training for Long-Term Success

BIG continues to empower Tribal gaming employees through exclusive education and training programs, including free access to RG24seven Virtual Training. These knowledge-sharing initiatives are designed to support responsible gaming, regulatory compliance, and the long-term sustainability of Tribal gaming operations.

Cybersecurity Solutions Tailored for Tribal Gaming

The BIG Group is focused on bolstering cybersecurity defenses for Tribal enterprises through its BIG Cyber services, which includes penetration testing, vulnerability assessments, PCI:DSS evaluations, and a host of managed security services featuring CYREBRO’s Security Operations Center, KnowBe4’s security awareness training, and Maxxsure’s risk management platform.

 

The post BMM INNOVATION GROUP SHOWCASES ITS SUPPORT FOR TRIBAL SOVEREIGNTY AT INDIAN GAMING CONFERENCE & EXPO MARCH 31 – APRIL 3 AT SAN DIEGO CONVENTION CENTER appeared first on Gaming and Gambling Industry in the Americas.

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Compliance Updates

EPIC Global Solutions highlighted as a key element in PrizePicks’ iCAP Accreditation

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5 days ago

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March 31, 2025

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EPIC is proud to have played a key role in helping PrizePicks achieve iCAP certification, the industry’s leading responsible gaming (RG) assessment.

As the globally recognized experts in harm minimization, EPIC worked closely with PrizePicks to enhance its responsible gaming initiatives, contributing to this historic milestone. With the certification, PrizePicks becomes the first and only daily fantasy sports operator in North America to achieve this level of recognition.

A key factor in this achievement was EPIC Global Solutions’ implementation of its comprehensive responsible gaming (RG) tools within PrizePicks. Through an anonymous, company-wide RG survey, EPIC provided valuable insights into the organization’s culture and commitment to player protection. The survey revealed that 82% of PrizePicks employees believe the company fosters a strong RG culture, while 88% emphasized the importance of responsible gaming for the long-term sustainability of the industry.

“Direct engagement with staff was pivotal to our assessment,” said Teresa Fiore, SVP North America at EPIC Global Solutions.

“Our survey underscores how deeply PrizePicks is committed to responsible gaming—not only as an ethical imperative but as a driver of employee morale and long-term industry sustainability. Additionally, they recognize that a strong commitment to RG is essential for the long-term sustainability of the industry.”

EPIC’s robust assessment also highlighted the significant impact of extensive RG training, with over 2,500 hours provided to staff from partners such as EPIC during the past year. The survey’s insights have not only served as a foundational benchmark for ongoing improvements but have also been cited as a critical factor in PrizePicks securing its iCAP accreditation.

Phil Sherwood, Senior Director of Responsible Gaming at PrizePicks, added: “Our partnership with EPIC has been instrumental in elevating our responsible gaming initiatives. Their expertise and insights have enhanced our programs, contributed to our iCAP accreditation, and reinforced our commitment to continuous improvement.”

Both EPIC and PrizePicks are committed to building on these achievements with plans to conduct annual surveys and further integrate employee insights into future RG initiatives.

The post EPIC Global Solutions highlighted as a key element in PrizePicks’ iCAP Accreditation appeared first on European Gaming Industry News.

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