Sands China loses US$166m

Macau casino operator Sands China (1928) recorded a net loss of US$166 million (HK$1.29 billion) during the first quarter this year, while its parent group said it has sufficient resources to continue in the "near-zero" revenue environment for another 18 months.

Total net revenue plunged by 54 percent year-on-year to US$814 million. This compared with a net profit of US$557 million for the same period last year.

Capital expenditure during the first quarter totaled US$320 million, including construction, development and maintenance activities of US$241 million in Macau.

Sheldon G. Adelson, chairman and chief executive of Las Vegas Sands, said now is not the time to pause or slow down investment in Macau.

On when travel restrictions between mainland China and Macau may be lifted and how, the group said it is not possible to predict at this time and is hopeful that some travel curbs may begin to be lifted in the latter part of May and June. However, it believed that restrictions will be lifted gradually and various health precautions will remain in place for some time.

The group will be continuing with the LVS group's existing development plans in both Macau and Singapore.

Regarding the LVS dividend program, Adelson said LVS intends to reinstate the dividend as and when appropriate levels of business return after consultation with the LVS Board. LVS will consider all options, including the amount of the dividend initially, depending on how quickly business recovers.