Sands casinos among properties that will be allowed to reopen Saturday morning
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Las Vegas Sands Corp., operators of casinos in Macao and Singapore, reported tepid second-quarter revenue results Wednesday as health restrictions in Macao continued to batter resort operators there.
The Las Vegas-based casino company reported a loss of $440 million, 38 cents a share, on revenue of $1.045 billion for the quarter that ended June 30. A year ago, the company reported a loss of $280million, 25 cents a share, on revenue of $1.173 billion.
A conference call with investors was scheduled by Sands executives for later Wednesday.
Sands once operated The Venetian, Palazzo and The Venetian Expo Center on the Las Vegas Strip, but sold those assets to Apollo Global Management Inc. for $6.4 billion earlier this year.
Sands’ second-quarter results don’t reflect revenue since a government-ordered closure of Macao’s 41 casinos that began July 11. Multiple sources indicate properties will reopen Saturday.
Casino industry sources and an analyst who follows the Macao market confirmed Asian media reports that Macao Chief Executive Ho Iat Seng said casinos would be among the businesses that will be allowed to reopen just after midnight Saturday after being closed since July 11 in an effort to reduce the spread of COVID-19 in the small special administrative region, the only place in China with legalized gambling.
Macao’s government tourism office in a notice posted online Wednesday said hotels would be allowed to reopen.
Analysts say that even with the Saturday reopening, it could take weeks for visitation numbers to increase.
Inside Asian Gaming and Reuters reported that casinos indicated they would reopen, despite a restriction that they be staffed with half the normal number of employees and a directive that a centralized location be used for employee meal breaks.
Gaming in Macao is important to three Las Vegas-based companies — Sands, Wynn Resorts Ltd. and MGM Resorts International — which collect around half to three-quarters of their revenue from casino operations there.
None of the companies has commented about the lockdown in Macao since it began.
Among the other restrictions in place with the gradual reopening of Macao is that cinemas, indoor playgrounds, beauty salons, gyms, health clubs, karaoke establishments, bars, nightclubs, discos, dance halls, cabarets and public swimming pools would remain closed, while restaurants would only be able to offer takeaway food.
In addition, public parks will be open, but people will be forbidden from running. Macao’s Health Department also ordered the wearing of N95 masks indoors and outdoors.
The bureau reported 18 new cases of COVID-19 detected on Monday and the cumulative total of cases since the outbreak was first detected June 18 was 1,783.
The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and COO Patrick Dumont.
This is a developing story. Check back for updates.
rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.
