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April 22, 2020, 4:33 p.m. EDT

Casino operator Las Vegas Sands revenue plunges 50% amid coronavirus pandemic

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By Max A. Cherney

Las Vegas Sands Corp. /zigman2/quotes/208792014/composite LVS -3.07% shares rose 3.8% in the extended session Wednesday after the company reported a 51.1% decline in revenue amid the COVID-19 pandemic. The company reported a first-quarter net loss of $51 million, or zero cents a share, compared with net income of $744 million, or 75 cents a share, in the year-ago period. Adjusted losses were 3 cents a share. Revenue fell to $1.78 billion from $3.65 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 5 cents a share on revenue of $2.03 billion. Chief Executive Sheldon Adelson called the impact of the coronavirus outbreak "unprecedented" and that he had "never seen anything like it in my over 70 years in business." The company said it has suspended its dividend payments and the last of 79 cents a share was paid out March 26. Las Vegas Sands said it has $2.6 billion in cash as of the end of March. For the second quarter, analysts model adjusted losses of 19 cents a share and revenue of $1.77 billion. Las Vegas Sands stock has dropped 39% this year, with the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.01% falling 5.9%.

/zigman2/quotes/208792014/composite
US : U.S.: NYSE
$ 45.77
-1.45 -3.07%
Volume: 11.69M
July 23, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$34.97 billion
Rev. per Employee
$78,522
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/zigman2/quotes/210599714/realtime
US : S&P US
4,411.79
+44.31 +1.01%
Volume: 1.78B
July 23, 2021 5:16p
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