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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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California Gambling Control Commission

California Gambling Control Commission Advances Licensing, Tribal Partnerships, and Responsible Gaming Initiatives

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10 hours ago

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April 25, 2025

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Sacramento, CA — In a meeting packed with regulatory updates and licensing decisions, the California Gambling Control Commission (CGCC) convened on April 24 to advance numerous agenda items impacting the state’s gambling landscape—from tribal gaming approvals to responsible gambling programs and operator renewals.

Problem Gambling & Public Health Takes the Stage

The Commission meeting opened with a presentation by Sosha Marasigan-Quintero from the California Department of Public Health, offering an overview and update on the California Problem Gambling Treatment Services Program. While no specific staff recommendations were provided, the update underscores California’s continued focus on behavioral health in gambling.

Tribal Revenue Distribution Approved

The Commission approved the quarterly distribution of payments from the Revenue Sharing Trust Fund to eligible recipient Indian Tribes. This routine, yet vital, procedure ensures the equitable distribution of revenue to support tribal sovereignty and infrastructure across the state.

Cardroom Licensing: Approvals and Extensions

Among key licensing matters:

  • 500 Club Casino (K & M Casinos, Inc.) received both initial and renewal owner-type license approvals through January 2027.

  • Casino Chico, Hollywood Park Casino, and Lake Bowl Cardroom were granted renewals and short-term extensions, some with conditions such as improving record-keeping systems or ensuring regulatory compliance ahead of reopening.

  • Hotel Del Rio & Casino was granted a 60-day extension under several strict conditions, including updated safety plans and the restatement of commingled financial records.

Key Employee Licensing Actions

The Commission approved several initial and renewal key employee licenses. Notably:

  • Jeffrey Thompson was approved with a condition prohibiting involvement in illegal gambling activities.

  • Kevin Lee and George Rahme received 120-day extensions for renewal processing.

Third-Party Proposition Player Services Under Scrutiny

The Commission approved both initial and temporary licenses for Fortune Players Group, Inc., with a lengthy list of conditions tied to the conduct of a former associate, Rene Medina. These conditions highlight the Commission’s ongoing vigilance in monitoring third-party player services and maintaining compliance across operations.

Progressive Gaming, LLC was also approved for an initial license, further expanding third-party service provider capacity.

Gaming Resource Suppliers & Tribal Approvals

Initial suitability findings for several prominent tribal gaming resource suppliers were approved, including:

  • HCAL, LLC

  • JCM Global

  • Konami Gaming, Inc.

  • PDS Gaming, LLC

Dozens of tribal gaming employees were also approved for key positions at tribal casinos across California, reflecting the Commission’s continued support of tribal gaming operations and the necessary workforce to support it.

Notable Withdrawals and Denials

In two notable cases, requests to withdraw license applications—Josephine Hoang and Jesus Bojorquez—were denied, signaling the Commission’s increased scrutiny and emphasis on applicant accountability.

A Broader Look Ahead

With regulatory reform on the horizon and ongoing efforts to promote responsible gaming, the April 2025 CGCC meeting showcased a mix of routine license management and deeper engagement with emerging compliance issues. As the Commission prepares for the next quarter, the groundwork laid in this session will likely influence policy developments and enforcement trends across California’s gambling sector.

The post California Gambling Control Commission Advances Licensing, Tribal Partnerships, and Responsible Gaming Initiatives appeared first on Gaming and Gambling Industry in the Americas.

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Gambling in the USA

Gaming Americas Weekly Roundup – April 14-20

Published

4 days ago

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April 22, 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

H. Betti Industries Inc, the leading distributor of amusement and gaming equipment and parts, has announced the appointment of Todd Cravens as President of Betson Gaming. In this expanded leadership role, Cravens will oversee all aspects of its growing gaming division, with a focus on expanding market share, building the product portfolio and accelerating growth in new and existing markets. Since joining the Company in January 2025 as SVP of Gaming, Cravens has made an immediate and measurable impact across the business. His leadership has helped sharpen Betson’s gaming strategy, align the team and focus on new revenue streams, while also bringing operational discipline and strategic vision to other areas of the company.

The Michigan Gaming Control Board has initiated investigations into unlicensed sports prediction markets operating within the state. These platforms, which bypass Michigan’s regulatory framework, have raised significant concerns about consumer protections. Michigan’s investigations align with similar actions already taken by other state regulatory bodies and focus on how this form of unlicensed sports betting may jeopardize the integrity of Michigan’s legal sports betting system. The unlicensed platforms offer what they describe as innovative financial products that allow users to trade their predictions on the outcomes of sports events. By sidestepping the regulatory protections of Michigan’s legal sports betting market, these platforms pose a serious risk to consumers. They create potential confusion among bettors and blur the line between sports betting as entertainment and sports betting as a financial trading vehicle.

Partnerships

Bragg Gaming Group announced the acquisition of a strategic equity stake in, and the signing of an exclusive content partnership with RapidPlay, a specialist Brazilian game development studio renowned for its localised, high-performance online casino content tailored to Brazilian and the broader Latin American market. Under the terms of the agreement, Bragg receives an equity stake in RapidPlay and has entered into an exclusive commercial distribution agreement with RapidPlay at standard market terms. The agreement allows Bragg to integrate and offer RapidPlay’s full content portfolio through its expanding base of licensed Brazilian operators.

PrizePicks has renewed its partnership with the Atlanta Braves, reaffirming its position as the club’s Official Daily Fantasy Sports Partner. This new three-year agreement reinforces the longstanding relationship between the two Atlanta-based powerhouses, building on a successful collaboration that began in 2020. As part of the partnership, PrizePicks branding will be prominently featured throughout Truist Park with a combination of static and LED signage. The company will also retain access to exclusive VIP experiences for business needs and will continue its popular “PrizePicks Pick of the Game” segment, which airs on the Braves Radio Network pregame show before all regular season games.

SCCG Management has become the sponsor of SFT Combat, one of Brazil’s premier MMA promotions. As a long-time client partner, SFT Combat continues to push boundaries in the world of professional fighting, delivering high-quality events that captivate both local and global audiences. The sponsorship reflects a strategic investment in Brazil’s sports and gaming ecosystem, where MMA plays a central role in both cultural identity and entertainment value.

The post Gaming Americas Weekly Roundup – April 14-20 appeared first on European Gaming Industry News.

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Gambling in the USA

Gaming Americas Weekly Roundup – April 7-13

Published

2 weeks ago

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April 14, 2025

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Reading Time: 2 minutes

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

WyoLotto’s COO, Robin Medina, has been named to join a national committee to support problem gambling initiatives. The committee is through the National Council on Problem Gambling and will manage the annual selection of nominations and election of the Board of Directors that oversees NCPG. Last year WyoLotto applied for and was accepted to the NCPG and NASPL’s (North American State and Provincial Lotteries) Responsible Gambling Verification Programme. WyoLotto’s Responsible Gambling Programme includes an in depth plan to ensure the organisation honours its commitment to educating players, retailers and the general public about how to gamble responsibly and what to do if gambling becomes a problem for yourself or someone you know.

As Hard Rock Hotel & Casino Tejon moves closer to its highly anticipated grand opening, the company is engaging with the Kern County community through exclusive informational sessions at Bakersfield College’s Renegade Event Room located at 1801 Panorama Drive. The first session, held on April 4, provided local leaders and invited guests with insights into upcoming job and vendor opportunities in the region. The second session took place on April 5 from 10:00 AM to 12:30 PM. Job opportunities for Hard Rock Hotel & Casino Tejon will be posted on the recruitment site, www.gotoworkhappy.com, starting in May.

An investigation by the Delaware Division of Gaming Enforcement (DGE) into VGW Luckyland – a subsidiary of the Australian-based VGW Holdings – revealed that VGW Luckyland was operating illegal online gaming. Delaware officials concluded that VGW misrepresented its services as a promotional sweepstakes while enabling players to purchase coins for casino-style games, leading to potential cash winnings. These types of real-money games offered to Delaware residents by an unlicensed entity violate the Delaware Constitution, the Delaware Penal Code and the Delaware Gaming Competitiveness Act of 2012. With the support of the Delaware State Lottery, DGE issued a cease-and-desist order to VGW.

Partnerships

AC Milan announced a new partnership with Reals, a company renowned for its excellence in Brazil’s sports betting and online gaming market, which will become Official Regional Betting Partner of the Rossoneri’s Club in Latin America. Elected in 2024 as the “Best Sportsbook Operator” in Brazil by SiGMA World – the largest international authority in iGaming – Reals has been consolidating its position in the sector, reinforcing its growing trajectory of ascent. The brand is aligned with the best market practices, presenting sustainable growth based on innovation, strategic partnerships and sports engagement.

Scientific Games’ SciQ retail technology is set to roll out at North Carolina Education Lottery retailers as part of the Lottery’s focus on improving the retail environment for its Scratch-Off games. The company will deploy 1000 SciQ units at lottery retailers across North Carolina. NCEL Scratch-Off games represented more than $2.9 billion in retail sales in fiscal year 2024, anchoring NCEL among the world’s top 15 performing instant game lotteries (La Fleur’s 2024 World Almanac). Offering real-time scratch game inventory management data that amplifies the power of Scientific Games’ SciTrak predictive ordering system used by NCEL, SciQ creates supply chain efficiencies proven to lift scratch game sales.

The post Gaming Americas Weekly Roundup – April 7-13 appeared first on European Gaming Industry News.

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